Question

for the following problem, use the formula $i = prt$, where $i$ is interest in dollars, $p$ is the principal or loan amount, $r$ is the interest rate, and $t$ is the time in years. find the interest if principal of $5500 is invested at 11% (or 0.11) for four years. $i = $\boxed{}$ (round to the nearest dollar as needed.)

Explanation:

Step1: Identify values for P, R, T

Given \( P = 5500 \), \( R = 0.11 \), \( T = 4 \).

Step2: Substitute into formula \( I = PRT \)

\( I = 5500 \times 0.11 \times 4 \)
First, calculate \( 5500 \times 0.11 = 605 \).
Then, \( 605 \times 4 = 2420 \).

Answer:

\( 2420 \)