Final answer:
To calculate the simple interest for $1971 at 6.2% for 30 weeks, we adjust the 30-week period to the equivalent in years and apply the simple interest formula, resulting in approximately $70.79 of interest.
Step-by-step explanation:
To find the simple interest on $1971 at a 6.2% annual interest rate for 30 weeks, we need to use the simple interest formula, which is:
Simple Interest = Principal × Rate × Time
In this case, the principal is $1971, the annual interest rate is 6.2%, and the time is 30 weeks. Since interest rates are typically annual, we need to convert 30 weeks into years. There are 52 weeks in a year, so 30 weeks is ≈ ⅗ of a year.
The calculation would be:
$1971 × (6.2 / 100) × (30 / 52) = Simple Interest
Calculating this gives us:
$1971 × 0.062 × (30 / 52) = $1971 × 0.062 × ≈ ⅗ = $1971 × 0.062 × 0.5769 ≈ $70.79
Therefore, the simple interest for the given amount, rate, and time is approximately $70.79.