Question

$10,000 is invested for 4 years at an annual simple interest rate of 16%.

Answer 1

Answer:

Simple interest = P  x  r  x  t

                         = 10,000  x  16/100  x   4

                         =  $6400

Final amount = P (1 +rt)

                       = 10,000 (1 + 16/100  x  4)

                       = $16400

(or you can just add the simple interest to the principle amount to get the final amount)

Answer 2

Answer:

$16,400

Step-by-step Explanation:

Step 1: We multiply $10,000 by 16%, getting $1,600.

Step 2: We then multiply $1,600 by 4 (which is given). That gives us $6,400.

Step 3: Add that to $10,000. We get $16,400 as the answer!

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