Answer:
$167.08
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 9.63%/100 = 0.0963 per year,
then, solving our equation
I = 347 × 0.0963 × 5 = 167.0805
I = $ 167.08
The simple interest accumulated
on a principal of $ 347.00
at a rate of 9.63% per year
for 5 years is $ 167.08.
