SOLUTION: $8,000 is invested for 9 months at an annual simple interest rate of 13%. a) You will earn $ in interest (round to the nearest cent). b) The final value of the investmen

Algebra ->  Finance -> SOLUTION: $8,000 is invested for 9 months at an annual simple interest rate of 13%. a) You will earn $ in interest (round to the nearest cent). b) The final value of the investmen      Log On


   

Question 1190262: $8,000 is invested for 9 months at an annual simple interest rate of 13%.
a) You will earn $ in interest (round to the nearest cent).
b) The final value of the investment is (round to the nearest cent).
Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


a) Simple interest formula: I=prt

p = principal (beginning amount): $8000
r = annual interest rate: 13% = 0.13
t = number of years: 9 months = 3/4 years

I = (8000)*(0.13)*(3/4)

Use a calculator....

b) Add the amount of interest to the beginning amount.