Adeposit of $7000 at 8.5% for 120 days

7,196,35Calculation: First, converting R percent to r a decimal r = R/100 = 8.5%/100 = 0.085 per year, putting time into years for simplicity, 120 days ÷ 365 days/year = 0.33 years, then, solving our equation A = 7000(1 + (0.085 × 0.33)) = 7196.35 A = $ 7,196.35 The total amount accrued, principal plus interest, from simple interest on a principal of $ 7,000.00 at a rate of 8.5% per year for 0.33 years (120 days) is $ 7,196.35

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