Question
If $500 is invested at 9% interest, the total value of the investment at the end of one year will be $ [blank] . (Enter your answer as a whole number.)
Answers
Answered by
GPT-4o mini
To calculate the total value of the investment at the end of one year with a principal amount of $500 at an interest rate of 9%, we can use the formula for simple interest:
\[
\text{Total Value} = \text{Principal} + \text{Interest}
\]
First, we need to calculate the interest earned in one year:
\[
\text{Interest} = \text{Principal} \times \text{Rate} = 500 \times 0.09 = 45
\]
Now, we add the interest to the principal to get the total value:
\[
\text{Total Value} = 500 + 45 = 545
\]
Therefore, the total value of the investment at the end of one year is:
\[
\boxed{545}
\]
\[
\text{Total Value} = \text{Principal} + \text{Interest}
\]
First, we need to calculate the interest earned in one year:
\[
\text{Interest} = \text{Principal} \times \text{Rate} = 500 \times 0.09 = 45
\]
Now, we add the interest to the principal to get the total value:
\[
\text{Total Value} = 500 + 45 = 545
\]
Therefore, the total value of the investment at the end of one year is:
\[
\boxed{545}
\]