The formula for simple interest is
I = Pnr
I = interest
P = principle amount = $675
n = number of years = 6
r = rate of interest = 1% = 0.01
So, I = 675*6*0.1 = 405
so your Interest will be $405 after 6 years.
Options
(A)350 (B)375 (C)725 (D)750 (E)775
Answer:
(E)775
Step-by-step explanation:
From the attached graph
In Year 5
- 100 shares in ODX Group, Inc. was worth $175
- 100 shares in Peer Comms Ltd was worth $200
Therefore the Cost of 100 shares in ODX Group, Inc. and 300 shares in Peer Comms Ltd, in Year 5
=175+3(200)
=175+600
=$775
The correct option is E.
Simple interest, I = 101.40
Time, t = 6 years
interest, i = 1.3%
Interest, I=Pit, rearrange
Principal, P=I/(it)=101.40/(6*0.013)=1300