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3 years ago

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

Mathematics

2 answers:

Pavel [41]3 years ago

8 0

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.

Nana76 [90]3 years ago

5 0

Gina would have gained $866.34 after six years.

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Answer

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Hope this helps and let me know if you have any doubts.

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