Question 2
$0 / 2$ pts
$3 \rightleftarrows 19$
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How much should you invest at $3.8 \%$ simple interest in order to earn $\$ 55$ interest in 11 months?
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Final Answer: You should invest approximately \(\boxed{\$1578.95}\) in order to earn \$55 interest in 11 months at a rate of 3.8\% simple interest.
Step 1 ：The formula for simple interest is \(I = PRT\), where \(I\) is the interest, \(P\) is the principal amount (the initial amount of money), \(R\) is the rate of interest, and \(T\) is the time.
Step 2 ：In this case, we know the interest (\(I = \$55\)), the rate of interest (\(R = 3.8\% = 0.038\)), and the time (\(T = 11/12\) years).
Step 3 ：We need to find the principal amount \(P\). We can rearrange the formula to solve for \(P\): \(P = I / (RT)\).
Step 4 ：Substitute the given values into the formula: \(P = 55 / (0.038 * 0.9166666666666666)\).
Step 5 ：Calculate the value of \(P\).
Step 6 ：Final Answer: You should invest approximately \(\boxed{\$1578.95}\) in order to earn \$55 interest in 11 months at a rate of 3.8\% simple interest.
