Tony Giacomin deposited $1600 on July 3rd in a special investment account which earns 13% p. A. Simple interest. On August 17th he deposited another $5600 in the account. If he closed the account on November 12th by withdrawing the total balance, calculate how much his investment has earned over this period of time.

$248.75

Step-by-step explanation:

We are told that the interest rate is 13% per Annum = 13% per year

Hence, the interest rate in a month = 13% /12

= 1.0833333333% in a month

Tony Giacomin deposited $1600 on July 3rd in a special investment account which earns 13% p.A. Simple interest.

Interest = Principal × rate × time

Rate = 13% = 0.13

Time = July 3rd - November 12 = 132 days

= $1600 × 0.13 × 132/365

= $75.221917808

On August 17th he deposited another $5600 in the account. If he closed the account on November 12th

Interest = Principal × rate × time

Rate = 13% = 0.13

Time = August 17th - November 12 = 87 days

= $5600 × 0.13 × 87/365

= $173.52328767123288

The next step would be to add these Interests together

$173.52328767123288 + $75.221917808

= $248.74520548

Approximately ≈ $248.75

Therefore, his investment that he has earned over this period of time is $248.75

1 x=22.52

2: 65/39=604+39x

65x-39x=604

26x=604

x=604/26

×=23.23