To calculate the interest earned in 6 months, we can use the formula:
\[ i = prt \]
where:
- \( p \) is the principal amount ($89,753)
- \( r \) is the annual interest rate (9% or 0.09 as a decimal)
- \( t \) is the time in years (6 months is \( \frac{6}{12} = 0.5 \) years)
Now, plug in the values:
\[ i = 89,753 \times 0.09 \times 0.5 \]
Calculating it step by step:
- Calculate \( 0.09 \times 0.5 = 0.045 \)
- Now calculate \( 89,753 \times 0.045 \)
\[ i = 89,753 \times 0.045 = 4,038.885 \]
Now, rounding to the nearest cent, the interest earned in 6 months is:
\[ i \approx 4,038.89 \]
Therefore, Steve will earn approximately $4,038.89 in interest over 6 months.