Answer :
ANSWER
$62.33
EXPLANATION
We are given that:
Principal = $2000
Rate = 3.4%
Time = 11 months
Simple interest on a principal, P, at a rate, R, in time, T (in years) is given as:
[tex]I\text{ = }\frac{P\cdot\text{ R }\cdot\text{ T}}{100}[/tex]Therefore, the simple interest is:
[tex]\begin{gathered} I\text{ = }\frac{2000\cdot\text{ 3.4 }\cdot\frac{11}{12}}{100} \\ (\frac{11}{12}because\text{ it is 11 months and that is }\frac{11}{12}\text{ of a year)} \\ \Rightarrow\text{ I = }\frac{2000\cdot\text{ 3.4 }\cdot\text{ 11}}{12\cdot\text{ 100}} \\ I\text{ = \$62.33} \end{gathered}[/tex]That is the Simple Interest.