Question

gina invests $1,677 in an account paying 8.61% simple interest annually. how much interest has gina gained after 6 years?

Answer 1

Answer: $866.34

Step-by-step explanation:

The formula to calculate the simple interest is given by :-

$S.I.=P\times r\times t$, where P is the principal amount , r is the rate of interest and t is the time period.

Given: Principal amount = $1,677

Rate of interest = 8.61%=0.0861

Time period = 6 years

Now, the simple interest gained by Gina after 6 years will be :-

$S.I.=1677\times 0.0861\times 6=\ 866.3382\approx\ 866.34$

Hence, the simple interest gained by Gina after 6 years $866.34.

Answer 2

Gina would have gained $866.34 after six years.