Asked by Jackie

Find the simple interest and the final value of the deposit that earns the given rate for the indicated length of time.
Round your answers to the nearest cent.

$46,945 earning 8.5% for 22 months

A) $6983.07; $53,928.07 B) $7315.60; $54,260.60
C) $7377.07; $54,322.07 D) $7648.12; $54,593.12

this is by far difficult. I cant seem to put the right formula into the calculator
Answered by Ms. Sue
I = Prt

Answered by Jackie
so its not A= p(1+r/n)^n ?
Answered by Jackie
Can you show me please
Answered by Ms. Sue
Interest = principal * rate * time

I = 46,945 * 0.085 * 1.8333

I = ?

Answered by DrBob222
Since this is simple interest, convert 22 months to years (rate is 8.5%/yr I assume) so 22/12.
I = 46945*0.085*(22/12)=?
Then final value is 46,945 + I.
Answered by DrBob222
Sorry Ms. Sue, I thought you may have called it a night.
Answered by Ms. Sue
No problem, DrBob. I'm glad to have someone else verify my post.


Answered by Jackie
Where did you get 0.8333?
Answered by Ms. Sue
I didn't use 0.8333

22/12 = 1.8333

There are no AI answers yet. The ability to request AI answers is coming soon!