Question

$5,000 is invested for 7 years at an annual simple interest rate of 20%.

a) You will earn $ (round to the nearest cent)

in interest (round to the nearest cent
b) The future value is
(round to the nearest cent).

Help me out please need to double check my answer!!

Answer 1

if simple interest,
(a) i = Prt
(b) FV = principal + interest

double check ... sure >wink wink<

Answer 2

Thank you for a better explanation oobleck! It’s makes a lot for sense now thank you!