Question 1066297
Simple interest
{{{ A = P*( 1 + r*t ) }}}
{{{ 500000 = P*( 1 + .06*35 ) }}}
{{{ 500000 = P*3.1 }}}
{{{ P = 500000 / 3.1 }}}
{{{ P = 161290.32 }}}
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The formula for interest earned is:
{{{ I = P*r*t }}}
{{{ I = 161290.32*.06*35 }}}
{{{ I = 338709.68 }}}
$338,709.68 is the interest earned
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check:
{{{ P + I = 161,290.32 + 338709.68 }}}
{{{ P + I = 499999.99 }}}
round this off -OK