\( P=\$ 2400, r=9.2 \%, t=7 \) months

To calculate the simple interest \( I \), you can use the formula \( I = P \times r \times t \). First, convert the interest rate from a percentage to a decimal: \( r = \frac{9.2}{100} = 0.092 \). Next, convert the time from months to years by dividing by 12: \( t = \frac{7}{12} \approx 0.5833 \). Now plug these values into the formula: \[ I = 2400 \times 0.092 \times \frac{7}{12} \approx 2400 \times 0.092 \times 0.5833 \approx 105.68 \] So, the simple interest earned on the investment is approximately \( \$105.68 \). You can find this formula in many finance-related textbooks, which often illustrate its application with real-life scenarios such as savings accounts or personal loans. It's fascinating how this simple calculation can show you just how much your money can grow, even in a short period! In practice, many people overlook the importance of converting time and percentages properly, leading to errors in financial calculations. Always double-check those conversions and ensure you're using the correct timeframe to avoid miscalculating your interest or returns. It can be the difference between a trip to the beach or a trip to the bank!