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Find the simple interest paid on a $850 investment at 5.4% annual interest for 60 days.

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To find the simple interest paid on a $850 investment at 5.4% annual interest for 60 days, we can use the formula for simple interest:

Simple Interest = (Principal * Rate * Time) / 365

Where:

- Principal is the initial amount invested ($850 in this case)

- Rate is the annual interest rate (5.4% expressed as a decimal, which is 0.054)

- Time is the duration in days (60 days in this case)

- 365 is the number of days in a year

Let's calculate the simple interest:

Simple Interest = (850 * 0.054 * 60) / 365

Simple Interest = 2.20547945205

Rounding to the nearest cent, the simple interest paid on the $850 investment at 5.4% annual interest for 60 days is approximately $2.21.

User Jordan Dimov
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