Answered

IDNLearn.com: Your trusted platform for finding precise and reliable answers. Discover trustworthy solutions to your questions quickly and accurately with help from our dedicated community of experts.

Find the present value, using the future value formula and a calculator. Future value is $6,000 in two years at 9.5% simple interest. Round your answer to the nearest cent (two decimal places). Enter only the number without $ sign.

Sagot :

[tex]~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$6000\\ r=rate\to 9.5\%\to \frac{9.5}{100}\dotfill &0.095\\ t=years\dotfill &2 \end{cases} \\\\\\ A=6000[1+(0.095)(2)]\implies A=6000(1.19)\implies A=7140[/tex]

Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. Thank you for trusting IDNLearn.com with your questions. Visit us again for clear, concise, and accurate answers.