gina invests $1,677 in an account paying 8.61% simple interest annually. how much interest has gina gained after 6 years?
2 answers:
Answer: $866.34
Step-by-step explanation:
The formula to calculate the simple interest is given by :-
, 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 :-
Hence, the simple interest gained by Gina after 6 years $866.34.
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