MBF3C - Algonquin Achievement Centre

The account has balance of $2 487.61 on January 1. No deposits or withdrawals happen during the month. What is the interest that is deposited into the account on January 31? Solution. P = $2487.61. r = % = 3.75% =3.75 ÷ 100 = 0.0375. t = 31 days ***time must be in years (there are 365 days in a year) = ***leave t as a fraction so your final answer is more accurate. Now Use the formula I = Prt ... ................
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