SOLUTION: I've invested $800 for 7 years at 6% simple interest.
A) How much interest was earned?
B) What will the total value of the investment be when it matures at the end of the 7
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Question 1189625: I've invested $800 for 7 years at 6% simple interest.
A) How much interest was earned?
B) What will the total value of the investment be when it matures at the end of the 7 years?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
6% simple interest formula is:
i = p * r * n
i = interest
p = principal
r = interest rate per time period
n = number of time periods.
formula becomes:
i = 800 * .06 * 7 = 336.
value of the investment will be 800 + 336 = 1136.
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