Question 6
1 answer:
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Answer:
Option (c) is correct.
The interest gained by Gini in 6 years is $ 866.34
Step-by-step explanation:
Given: Gina invests $1,677 in an account paying 8.61% simple interest annually for 6 years.
We have to calculate the interest gained by Gina in 6 years.
Using formula for simple interest
Where,
S.I = simple interest
P is principal
R is interest rate
T is time
Given : P = $ 1677
R = 8.61%
T = 6 years
Substitute, we get,
Simplify, we get,
S.I. = $ 866.3382
Rounding off to nearest hundred we get, Interest is $866.34
Thus, the interest gained by Gini in 6 years is $ 866.34