Answer:
$126
Step-by-step explanation:
Given that:
Investment is done as per Simple interest.
Principal = $3000
Time for which the investment is to done = 7 years
Rate of interest = 6%
To find:
Interest earned when the investment matures?
Solution:
Formula for Simple Interest :
Where is the principal amount
is the Rate of Interest
is the time for which the investment is made
Putting the given values:
Therefore, the answer is:
Interest earned is <em>$126</em>.
Answer:
31 years to triple the investment
Step-by-step explanation:
Initial investment = 300
Triple amount that is final amount = 300*3= 900
rate of interest = 3.5 % = 0.035
we need to find out number of years (t)
for compounded continuously we use formula
A is the final amount
P is the initial amount
r is the rate of interest
t is the number of years
Divide both sides by 300
take 'ln' on both sides
ln(3) = 0.035t ln(e)
ln(e)= 1
t= 31.3889
Round to nearest whole number
t= 31 years