Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Join our platform to connect with experts ready to provide detailed answers to your questions in various areas. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

Determine how much simple interest you would earn on the following investment:
$13,400 invested at a 6 1/2% interest rate for 4 years.

Sagot :

jessmzhou4

Answer: $3,484 (I hope this is the correct way to do it)

Step-by-step explanation:

The formula is: [tex]SI=\frac{PRT}{100}[/tex]

  • SI = simple interest  
  • P = principal amount = $13,400  
  • R = interest rate (in percentage) = [tex]6\frac{1}{2}[/tex]% = 6.5%  
  • T = time duration (in years) = 4 years

[tex]SI=\frac{13400*6.5*4}{100} =\frac{13400*26}{100} =\frac{348400}{100} =3484[/tex]

If you want to find the total amount, add the principle amount and the interest.

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.