Amount of an investment. AMount of an investment rate r is given by A=P + + rt. Rewrite this formula by factoring out the greatest common factor on the right-hand side. Find A if $8300 is invested for 3 years at a simple interest rate of 15%.
To rewrite the formula by factoring out the greatest common factor (GCF) on the right-hand side, we can factor out "r" from the expression "rt":
A = P + rt
By factoring out "r" from "rt", we get:
A = P + (r * t)
Now, let's calculate the amount (A) if $8300 is invested for 3 years at a simple interest rate of 15%:
P = $8300 (principal)
r = 15% (rate)
t = 3 years (time)
First, calculate the product of the rate (r) and time (t):
r * t = 15% * 3 years = 0.15 * 3 = 0.45
Then, substitute the values of P, r, and rt into the formula:
A = P + (r * t)
A = $8300 + 0.45
Finally, calculate the total amount:
A = $8300 + 0.45
A ≈ $8300 + $3.75
A ≈ $8303.75
Therefore, the amount (A) after 3 years will be approximately $8,303.75.