Question

Aim: How can you earn money with a Savings Account?

Exit Ticket #5 Simple Interest
Find the simple interest on a $2,350 principal
deposited for 6 years at a rate of 2.77%

I =
P =
t =
I = prt
I=( )( )( )

Answer 1

I = (2350)(0.0277)(6)

Explanation:

We're told the principal, rate, and time so we just plug in.

We must convert the 2.77% to a decimal by moving the period two places to the left to get the rate 0.0277