Answer:
$240.02
Step-by-step explanation:
10% per year means "how much percent per day?"
We need to divide 10 by 365 since there are 365 days in a year. Hence,
So, that is 0.0274% per day
In decimal, we have to divide this percentage by 100, so, that is:
0.0274/100 = 0.000274
Daily interest on the principal is thus the multiplication of this value with principal (6000), that is:
0.000274 * 6000 = 1.644
<u>For how many days??</u>
From 16 May till 9 October would be:
16 May - 31 May = 15 days
1 June - 30 June = 30 days
1 July - 31 July = 31 days
1 Aug - 31 Aug = 31 days
1 Sep - 30 Sep = 30 days
1 Oct - 9 Oct = 9 days
Total Days is 15 + 30 + 31 + 31 + 30 + 9 = 146 days
Thus, total simple interest for 146 days would be:
1.644 * 147 = $240.02