Question

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all items without specific round two decimal places, show both decimal places (5.06). find the simple interest on a $2,350 principal deposited for six years at a rate of 2.77%.

Explanation:

Step1: Recall the simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the percentage to a decimal

The annual interest rate $r = 2.77\%=0.0277$.

Step3: Identify the values of $P$ and $t$

Given $P=\$2350$ and $t = 6$ years.

Step4: Calculate the simple interest

Substitute the values into the formula: $I=Prt=2350\times0.0277\times6$.
$I = 2350\times0.1662$.
$I = 390.57$.

Answer:

$\$390.57$