note: please make sure to properly format your answers. all dollar figures in the answers need to include…

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all items without specific rounding instructions, round your answers to two decimal places, show both decimal places (5.06). not answered find the simple interest on a $2,350 principal deposited for six years at a rate of 2.77%.

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all items without specific rounding instructions, round your answers to two decimal places, show both decimal places (5.06). not answered find the simple interest on a $2,350 principal deposited for six years at a rate of 2.77%.

Answer

Explanation:

Step1: Recall 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 decimal

The annual interest rate $r = 2.77%=0.0277$. The principal $P=$2350$ and the time $t = 6$ years.

Step3: Substitute values into the formula

$I=Prt=2350\times0.0277\times6$. First, calculate $2350\times0.0277 = 65.095$. Then, $65.095\times6=390.57$.

Answer:

$$390.57$