Find the simple interest and the final value of the deposit that earns the given rate for the indicated length of time.

Question

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

Answer 1

I = Prt

Answer 2

so its not A= p(1+r/n)^n ?

Answer 3

Can you show me please

Answer 4

Interest = principal * rate * time

I = 46,945 * 0.085 * 1.8333

I = ?

Answer 5

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.

Answer 6

Sorry Ms. Sue, I thought you may have called it a night.

Answer 7

No problem, DrBob. I'm glad to have someone else verify my post.

Answer 8

Where did you get 0.8333?

Answer 9

I didn't use 0.8333

22/12 = 1.8333