Answer :
You can find the simple interest using the following formula:
I = PV*r*t
Where:
PV = Present value or principal = $530
r = interest rate = 6% = 0.06
t = time = 1
Replacing the data into the equation:
I = 530*0.06*1 = $31.8
You can find the simple interest using the following formula:
I = PV*r*t
Where:
PV = Present value or principal = $530
r = interest rate = 6% = 0.06
t = time = 1
Replacing the data into the equation:
I = 530*0.06*1 = $31.8