Answer:
A = $1,545.00
(I = A - P = $45.00)
Equation:
A = P(1 + rt)
Explanation:
First, converting R percent to r a decimal
r = R/100 = 4%/100 = 0.04 per year.
Putting time into years for simplicity,
9 months / 12 months/year = 0.75 years.
Solving our equation:
A = 1500(1 + (0.04 × 0.75)) = 1545
A = $1,545.00
The total amount accrued, principal plus interest, from simple interest on a principal of $1,500.00 at a rate of 4% per year for 0.75 years (9 months) is $1,545.00.
Answer:
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Step-by-step explanation:
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Answer:
Enter the amount of money you are investing. Start Year. Enter the year in which the money was first invested. End Year. Enter the future year on which you want to base your calculation. Annual Interest Rate. Enter the annual compound interest rate you expect to earn on the investment. The default value (2.0%) equals the rate currently paid on five-year Guaranteed Investment Certificates
Step-by-step explanation:
