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3 years ago

Luke invested $110 at 3% simple interest for a period of 6 years. How much will his investment be worth after 6 years?

Business

1 answer:

Finger [1]3 years ago

3 0

Answer:

investment after 6 years = $129.80

Explanation:

given data

invested = $110

simple interest = 3%

period = 6 years

to find out

How much will his investment be worth after 6 years

solution

first we get here interest that is express as

interest = invested amount × rate × time ..................1

interest = $110 × 3% × 6

interest = $19.8

and

investment after 6 years = invested amount + interest .................2

investment after 6 years = $110 + $19.8

investment after 6 years = $129.80

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