Determine the simple interest on an account paying 6.5% annually interest of an investment of $5,250.
a.
$341.25
b.
$343.08
c.
$345.02
d.
$347.96

Option a -$341.25

Step-by-step explanation:

Given : An account paying 6.5% annually interest of an investment of $5,250.

To find : The simple interest?

Solution :

The formula of simple interest is

Where, I is the simple interest

P is the principal =$5250

R is the rate =6.5%=0.065

T is the time annually = 1 year

Substitute the value,

Therefore, Option a is correct.

The simple interest is $341.25.

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step-by-step explanation:

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