SOLUTION: Find the future value of $5800 deposited at 12% for 2 years and 3 months if the interest is simple interest.

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Question 927371: Find the future value of $5800 deposited at 12% for 2 years and 3 months if the interest is simple interest.
Answer by srinivas.g(540) About Me  (Show Source):
You can put this solution on YOUR website!
Principal Amount(P)= $ 5800
Time (t)= 2 years 3 months = 2 years +1/4 of year
= 2 year +0.25 year
= 2.25 years
rate (r)= 12 %
Interest +%28I%29=++P%2At%2Ar%2F100
+I+=+5800%2A2.25%2A12+%2F100
+I=+58%2A2.25%2A12
I = $ 1566
Future Value = P+I
= 5800+1566
=7366
Result : future Value = $ 7366