Alaina0729idn
Answered

Discover a world of knowledge and get your questions answered at IDNLearn.com. Our experts are available to provide in-depth and trustworthy answers to any questions you may have.

11
How much Interest(in dollars) is earned by investing $2200 at a simple interest rate of 8% for 12 years? Write the correct answer.

Sagot :

Melissa051908idn

A = $4,312.00

I = A - P = $2,112.00

Hey!

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 8%/100 = 0.08 per year.

Solving our equation:

A = 2200(1 + (0.08 × 12)) = 4312

A = $4,312.00

The total amount accrued, principal plus interest, from simple interest on a principal of $2,200.00 at a rate of 8% per year for 12 years is $4,312.00.

-------------------------------------------------------------

Hope this helped in some way..have a great day!

Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. IDNLearn.com has the answers you need. Thank you for visiting, and we look forward to helping you again soon.