Answer :
Final answer:
To find the interest on $7000 at a rate of 6.5% per annum for 292 days, we can use the simple interest formula. The interest is $364.
Explanation:
To find the interest on $7000 at a rate of 6.5% per annum for 292 days, we can use the simple interest formula:
Interest = Principal × Rate × Time
First, let's convert the time from days to years. There are 365 days in a year, so 292 days is approximately 0.8 years (292 / 365 = 0.8).
Plugging in the values, we get:
Interest = $7000 × 0.065 × 0.8 = $364.
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