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Stells [14]
3 years ago
5

Find the simple interest: Principal: $3020 Interest Rate: 5% Time: 6 months​

Mathematics
1 answer:
Andrews [41]3 years ago
5 0

Answer:

A = $3094.58

General Formulas and Concepts:

<u>Pre-Algebra</u>

  • Order of Operations: BPEMDAS

<u>Algebra I</u>

Simple Interest Rate Formula: A = P(1 + r)ⁿ

  • A is the final amount
  • P is the principal amount
  • r is the rate
  • n is the time (in years)

Step-by-step explanation:

<u>Step 1: Define variables</u>

A = ?

P = 3020

r = 0.05

t = 6 months = 0.5 years

<u>Step 2: Solve for </u><em><u>A</u></em>

  1. Substitute:                    A = 3020(1 + 0.05)^0.5
  2. Add:                              A = 3020(1.05)^0.5
  3. Evaluate:                       A = 3020(1.0247)
  4. Multiply:                        A = 3094.58

And we have our final answer!

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