Question 200554: 96. Amount of an Investment
The amount of an investment of P dollars for t years at simple interest rate r is given by A = P + prt
a) Rewrite this formula by factoring out the greatest common factor on the right-hand side.
b) Find A if $8300 is invested for 3 years at a simple interest rate of 15%.
Answer by Earlsdon(6294)   (Show Source):
You can put this solution on YOUR website! a) A = P+Prt can be expressed as:
A = P(1+rt)
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b) If P (Principal) = $8,300.00, r (Rate) = 15% (0.15), and t (Time) = 3 years, and r (Rate) = 15% (0.15), then:
A = $8,300(1+0.15(3))
A = $8,300(1.45)
A = $12,035
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