Final answer:
The simple interest earned on a $5,000 investment at a 6.6% annual rate over 6 months is $165.00, after converting the rate to decimal form and the time to years.
Step-by-step explanation:
To calculate the simple interest earned on a $5,000 investment at a rate of 6.6% for 6 months, you can use the simple interest formula:
Interest = Principal × rate × time
First, convert the annual interest rate to a decimal by dividing by 100:
6.6% ÷ 100 = 0.066
Next, because time is in months, convert it to years by dividing by 12:
6 months ÷ 12 = 0.5 years
Now, you can calculate the interest:
$5,000 × 0.066 × 0.5 = $165
The simple interest earned is $165.00, rounded to the nearest cent.