Find the simple interest on a $2,350 principal deposited for 6 years at a rate of 2.77%.

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01-12-2017
Mathematics

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Find the simple interest on a $2,350 principal deposited for 6 years at a rate of 2.77%.

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Yna9141 Yna9141 · Answer 1 · 2017-12-11T14:17:38+01:00

Yna9141 Yna9141

11-12-2017

The value of the simple interest of the principal amount that is invested or deposited is calculated through the equation,

I = P x i x n

where I is the interest, P is the principal amount, i is the interest rate, and n is the number of years. Substituting the known values,

I = ($2,350)(0.0277)(6)

I = $390.57

Answer: $390.57

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