Complete the following, using ordinary interest. (Use Table 7.1)
Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.
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Answer

$I n t e r e s t = 28.24, M a t u r i t y V a l u e = 613.24$

Steps

Step 1 ：Convert the interest rate from percentage to decimal form: $R = 9 % = 0.09$

Step 2 ：Convert the time from days to years: $T = \frac{193}{360} = 0.5361$ years

Step 3 ：Calculate the interest using the formula $I = P R T$ : $I = 585 * 0.09 * 0.5361 = 28.24$

Step 4 ：Calculate the maturity value by adding the principal and the interest: $M a t u r i t y V a l u e = P + I = 585 + 28.24 = 613.24$

Step 5 ： $I n t e r e s t = 28.24, M a t u r i t y V a l u e = 613.24$