SOLUTION: Can someone please help me with this. I am studing for an exam and I am sure there will be similar questions. Thanks!!
Amount of an investment.
The amount of a investment of
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-> SOLUTION: Can someone please help me with this. I am studing for an exam and I am sure there will be similar questions. Thanks!!
Amount of an investment.
The amount of a investment of
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Question 222957: Can someone please help me with this. I am studing for an exam and I am sure there will be similar questions. Thanks!!
Amount of an investment.
The amount of a investment of P dollars are t years at simple interest rate r is given by a=p + prt
1) rewrite this formula by factoring out the GCF on the right side.
2) find a if $8300 is invested for 3 years at a simple interest rate of 15%.
You can put this solution on YOUR website! The amount of a investment of P dollars are t years at simple interest rate r is given by a=p + prt
1) rewrite this formula by factoring out the GCF on the right side.
2) find a if $8300 is invested for 3 years at a simple interest rate of 15%.
your formula is:
a = p + p*r*t
where:
r is the interest rate
t is the number of years
you factor out the p on the right hand side of the equation to get:
a = p * (1 + r*t)
if you invest $8300 for 3 years at 15% interest per year, then this formula would become:
a = 8300 * (1 + (.15*3))
the interest rate of 15% has to be converted to a rate before you do anything with it.
rate = percent divided by 100%.
15% / 100% = .15 which is the interest rate per year.
your answer would be:
a = 8300 * (1 + (.15*3))
this would become:
a = 8300 * (1 + .45)
this would become:
a = 8300 * 1.45
this would result in:
a = 12035
15% of 8300 = .15 * 8300 = 1245 * 3 = 3735 + 8300 = 12035 confirming the answer is correct.
