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Taya2010 [7]
3 years ago
6

the formula for simple interest is I=Prt. find the principal (p) if you earn $300 dollars in interest (i) of 5% for 6 years (t)​

Mathematics
1 answer:
WARRIOR [948]3 years ago
4 0

Answer:

$9000

Step-by-step explanation:

I=?

p=$300

R=5*1/100

T=6

I=P*R*T

$300*5/100*6

=$9000

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If 10000 is invested at an interest rate of 10 per year ,compound semiannually,find the value of the investment after the given
slega [8]

Answer:

Part a) \$17,958.56  

Part b) \$32,251.00  

Part c) \$57,918.16

Step-by-step explanation:

<u><em>The complete question is</em></u>

If $10,000 is invested at an interest rate of 10% per year, compounded semiannually, find the value of the investment after the given number of years. (Round your answers to the nearest cent.)

a)6 years

b)12 years

c)18 years

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

Part a) 6 years

we have  

t=6\ years\\ P=\$10,000\\ r=10\%=10/100=0.10\\n=2  

substitute in the formula above  

A=10,000(1+\frac{0.10}{2})^{2*6}  

A=10,000(1.05)^{12}  

A=\$17,958.56  

Part b) 12 years

we have  

t=12\ years\\ P=\$10,000\\ r=10\%=10/100=0.10\\n=2  

substitute in the formula above  

A=10,000(1+\frac{0.10}{2})^{2*12}  

A=10,000(1.05)^{24}  

A=\$32,251.00  

Part c) 18 years

we have  

t=18\ years\\ P=\$10,000\\ r=10\%=10/100=0.10\\n=2  

substitute in the formula above  

A=10,000(1+\frac{0.10}{2})^{2*18}  

A=10,000(1.05)^{36}  

A=\$57,918.16

7 0
4 years ago
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