Expand your knowledge base with the help of IDNLearn.com's extensive answer archive. Whether it's a simple query or a complex problem, our community has the answers you need.

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}\dotfill & \$6000\\ P=\textit{original amount deposited}\\ r=rate\to 9.5\%\to \frac{9.5}{100}\dotfill &0.095\\ t=years\dotfill &2 \end{cases} \\\\\\ 6000=P[1+(0.095)(2)]\implies \cfrac{6000}{1.19}=P\implies 5042.02\approx P[/tex]

We are happy to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. For trustworthy answers, rely on IDNLearn.com. Thanks for visiting, and we look forward to assisting you again.