Calculate the simple interest earned. Round to the nearest cent( P = $4000, r = 9.6%, t = 23 days)

Question

Its telling me that the answer is wrong.

The problem they give me is P = $4000, r = 9.6%, t = 23 days

Answer 1

9,6% is the ANNUAL interest

365 days = 1 year (not counting leap years)

23/365 = 0.063013698....

I = P R t = 4000 * 0.096 * 0.063014698....

= 24.20

you can also do 0.096/(12*30) <---12 months per year times 30 days per month (on average)

In that case, 4000 * 0.096/(12*30) * 23 = 24.53