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

Gina would have gained $866.34 after six years.

Answer 2

Answer: $866.34

Explanation:

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

`S.I.=P* r* 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* 0.0861* 6=\$866.3382\approx\$866.34`

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