Question

7. Find the simple interest on a $2,350 principal deposited for six years

at a rate of 4.77%.

Show your work

Answer 1

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$2350\\ r=rate\to 4.77\%\to (4.77)/(100)\dotfill &0.0477\\ t=years\dotfill &6 \end{cases} \\\\\\ I = (2350)(0.0477)(6) \implies I = 672.57`