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Answer:
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Step-by-step explanation:
You want to calculate the interest on $40000 at 5.7% interest per year after 17 years.
The formula we'll use for this is the simple interest formula, or:
Where:
- P is principal amount, $40,000
- r is the interest rate, 5.7% per year, or in decimal form,
- t is the time involved, 17 years
To find the simple interest we multiply to get
The interest rate is $38,760
Usually now, the interest is added onto the principal to figure some new amount after 17 years.
or 40000.00 + 38760.00 = 78760.00
=$78,760