Answer:
$387.50
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 5.5%/100 = 0.055 per year,
then, solving our equation
I = 250 × 0.055 × 10 = 137.5
I = $ 137.50
The simple interest accumulated
on a principal of $ 250.00
at a rate of 5.5% per year
for 10 years is $ 137.50.
