If $400 is invested at the rate of 6% for one year, what will bet the total value of the investment (the amount)?
2 answers:
Find 6% of $400 and add to $400.
6% of $400 =
= 6% * $400
= 0.06 * $400
= $24
6% of $400 is $24. That is the interest earned on $400 at 6% for 1 year.
Now we add it to the original amount, $400.
$400 + $24 = $424
Answer: $424
The correct answer would be B) $424.00
To get interest value, you have to multiply the total investment, the percent as a decimal and the amount of years it was in the bank.
In this case, the equation would be:
400 x .06 x 1
The result is $24
We add that to the original investment of $400 and there is our total!
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