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Katyanochek1 [597]
3 years ago
5

A sum of money invested at 8% per annum for simple interests amounts to $12122 in 2 years.What ill it amounts to in 2 years 8 mo

nths at 9% rate of interest?
Mathematics
1 answer:
Jobisdone [24]3 years ago
3 0

Answer:

  $12,958

Step-by-step explanation:

The total amount of the account, principal plus interest, is given by ...

  A = P(1 +rt)

The given information tells us ...

  12,122 = P(1 + .08×2) = 1.16P

Then the principal amount is ...

  12,122/1.16 = 10,450

__

When that same amount is invested using a different rate and time period, it becomes ...

  A = 10,450(1 + .09×(2 2/3)) = 10,450×1.24 = 12,958

It will amount to $12,958 in 2 years 8 months at 9%.

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