Find the simple interest on a $2,350 principal deposited for 6 years at a rate of 2.77%.
1 answer:
The value of the simple interest of the principal amount that is invested or deposited is calculated through the equation,
I = P x i x n
where I is the interest, P is the principal amount, i is the interest rate, and n is the number of years. Substituting the known values,
I = ($2,350)(0.0277)(6)
I = $390.57
Answer: $390.57
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