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(21685) About Me  (Show Source):
You can put this solution on YOUR website!
A+=+P+%2B+Prt Start with the given equation.


A+=+8300+%2B+8300%280.15%29%283%29 Plug in P=8300, r=0.15, and t=3


A+=+8300+%2B+1245%283%29 Multiply 8,300 and 0.15 to get 1,245


A+=+8300+%2B+3735 Multiply 1,245 and 3 to get 3,735


A=12035 Add 8,300 to 3,375 to get 12,035


So the return is $12,035