7,196,35Calculation:
First, converting R percent to r a decimal
r = R/100 = 8.5%/100 = 0.085 per year,
putting time into years for simplicity,
120 days ÷ 365 days/year = 0.33 years,
then, solving our equation
A = 7000(1 + (0.085 × 0.33)) = 7196.35
A = $ 7,196.35
The total amount accrued, principal plus interest,
from simple interest on a principal of $ 7,000.00
at a rate of 8.5% per year
for 0.33 years (120 days) is $ 7,196.35
