Answer :
Given:
The principal amount (P) = $940.
Rate of interest (r) = 16.5 %.
Time in years (t) = 5 years.
Required:
To determine the simple interest (I).
Explanation:
The simple interest is calculated using following formula:
[tex]I=\frac{P\times r\times t}{100}[/tex]Substituting values, we get,
[tex]\begin{gathered} I=\frac{940\times16.5\times5}{100} \\ \Rightarrow I=\frac{77550}{100} \\ \Rightarrow I=775.5 \end{gathered}[/tex]Final Answer:
The simple interest is,
[tex]I=775.5[/tex]