SOLUTION: $39,900 is invested for 6 months at 8% p.a. What is the future value and interest?

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Question 1177182: $39,900 is invested for 6 months at 8% p.a.
What is the future value and interest?
Answer by MathLover1(20850) About Me  (Show Source):
You can put this solution on YOUR website!
A+=+P%281+%2B+rt%29
First, converting R percent to r a decimal
r+=+R%2F100+=+8%2F100+=+0.08 per year.
Putting time into years for simplicity,
6%2F12 year = 0.5 years
Solving our equation:
A+=+39000%281+%2B+%280.08+%2A+0.5%29%29+
A+=+40560.00=>the future value
The total amount accrued, principal plus interest, from simple interest on a principal of $39000.00 at a rate of 8% per year for 0.5 years (6 months) is $40560.00.
I+=+A+-+P+=40560.00-39000+=1560.00=> interest earned