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15 May, 05:12

Gina invests $1,677 in an account paying 8.61% simple interest annually. How much interest has Gina gained after six years? a. $668.65 b. $240.65 c. $866.34 d. $2,543.34

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  1. 15 May, 05:14
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    A = $ 2,543.34

    Equation:

    A = P (1 + rt)

    Calculation:

    First, converting R percent to r a decimal

    r = R/100 = 8.61%/100 = 0.0861 per year,

    then, solving our equation

    A = 1677 (1 + (0.0861 * 6)) = 2543.3382

    A = $ 2,543.34

    The total amount accrued, principal plus interest,

    from simple interest on a principal of $ 1,677.00

    at a rate of 8.61% per year

    for 6 years is $ 2,543.34.
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