the formula A=(1 + RT/100) gives the total money A, that a principal P amount to T years at R% simple interest per annum. Find the amount that a principal of #850 become if invested for 6 years at 6% simple interest per annum.?

Answer 1

Where is P (principal) in your formula?

Answer 2

It wasn't included.

Answer 3

Here's my formula:

Interest = Principal * Rate * Time
I = 850 * 0.06 * 6
I = 306

850 + 306 = $1,156 total

Answer 4

A = P(1 + RT/100)