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

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.