On February 25, 2017, Leah deposited $331.00 into a savings account that earned simple interest of 0.61%. How much interest was earned and paid into Leah's account on March 17, 2017?

The interest earned was $

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

To calculate the simple interest earned, we use the formula for simple interest:

\[
I = P \times r \times t
\]

where:
- $I$ is the interest earned,
- $P$ is the principal amount ($331.00),
- $r$ is the annual interest rate (0.61% = 0.0061 as a decimal),
- $t$ is the time in years.

### Step 1: Calculate the time period ($t$)
Leah deposited the money on February 25, 2017, and interest was calculated until March 17, 2017. We first need to find how many days have passed between these two dates:

- February 25, 2017 to March 17, 2017 is 20 days.

Since the interest rate is annual, we convert the time to years. There are 365 days in a year, so:

\[
t = \frac{20}{365}
\]

### Step 2: Apply the formula
Now we can calculate the interest earned:

\[
I = 331.00 \times 0.0061 \times \frac{20}{365}
\]

Let me calculate that for you.The interest earned on Leah's account from February 25, 2017, to March 17, 2017, is approximately **$0.11**.

Would you like further details or have any questions?

Here are five related questions to explore this topic further:
1. How does compound interest differ from simple interest?
2. How would the interest change if Leah had kept the deposit for one full year?
3. What happens to the interest if the rate is compounded monthly instead of being simple interest?
4. How would inflation impact the real value of the interest earned over time?
5. How does the length of the time period affect the interest earned?

**Tip:** Always ensure the correct conversion of time when dealing with interest rates to avoid calculation errors.

On February 25, 2017, Leah deposited $331.00 into a savings account that earned simple interest of 0.61%. How much interest was earned and paid into Leah's account on March 17, 2017?

Learn how to calculate simple interest on a deposit of $331.00 at a rate of 0.61% over 20 days using the simple interest formula. This step-by-step guide covers essential concepts like time conversion and percentage, suitable for students in Grades 6-8.

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