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Sagot :
ExplaC0 today becomes the following in t periods with simple interest:
C0 = (1 + (period simple interest rate t))
Eric's financial situation would be 500 (1 + (.0800 15)) = 500 (1 + 1.200) = $1,100.
Eric would have $500 + $600 = $1,100 after 15 years after earning $600 in interest (.0800 500 = $40 every year for 15 years)
He can invest $600
Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.
To learn more on simple interest
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