A city orchestra invests $5200 at 6% simple interest. How much is in the account after 1/2 year?
1 answer:
1) the amount in the account to the end of 1/2 year is M , for calculate it is the following formula for simple interest
M = C(1+i*n) ; where C = Capital, i = rate of interest, n = 1/2 year or it can be wrriten as 6 / 12 as fraction of month by year
M = C[( 1+0.06*(6/12)] = $ 5356
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