SOLUTION: The amount of an investment of P dollars for t years at simple interest rate r is given by A = P + prt
Find A if $8300 is invested for 3 years at a simple interest rate of 15%
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Question 200607: The amount of an investment of P dollars for t years at simple interest rate r is given by A = P + prt
Find A if $8300 is invested for 3 years at a simple interest rate of 15%.
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Start with the given equation.
Plug in , , and
Multiply 8,300 and 0.15 to get 1,245
Multiply 1,245 and 3 to get 3,735
Add 8,300 to 3,375 to get 12,035
So the return is $12,035
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