Determine the simple interest. the rate is an annual rate. assume 360 days in a year. p= $460 r= 2.75% t= 3.25 years

The simple interest formula is i = prt, where i equals interest, p = principal, r = interest rate, and t = time. Your principal is $460, your rate is 2.75%, and your time is 3.25 years. Since 2.75% = 0.0275, the equation becomes i = 460*0.0275*3.25 which equals $41.11 rounded. Hope this helps! :) have a nice day. 

I=P*R*T  460(.0275)(3.25)=41.11

The reporter forgot to multiply the decimal by 100, making it 25%