Nathaniel invests money in an account paying a simple interest of 6% per year. If he invests $90 and no money will be added or r emoved from the investment, how much will he have in one year, in dollars and cents?
1 answer:
Answer:
95.40 total and 5.40 in intreset
Step-by-step explanation:
Answer:
A = $95.40
I = A - P = $5.40
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 6%/100 = 0.06 per year.
Solving our equation:
A = 90(1 + (0.06 × 1)) = 95.4
A = $95.40
The total amount accrued, principal plus interest, from simple interest on a principal of $90.00 at a rate of 6% per year for 1 years is $95.40.
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Hope this helps :)
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