Yes, it was a reasonable result
Step-by-step clarification:
Hello! I'm here to assist you! To calculate interest, we apply the formula prt, which involves multiplying the principal (the amount of money initially), the rate (the interest rate), and the time (typically in years). Here are the results:
$252 at 8% over 2 years yields $40.32
$400 at 2% for a duration of 6 months results in $4
$5,000 at 3.5% for 1 year gives $175
$6,240 at 10% for 9 months amounts to $468
For period calculations, we convert months into decimals: 6 months equals 0.5 years, and 9 months equals 0.75 years. Simply multiply the principal amount by the percentage in decimal form and by the time, and that’s it!
