Find the simple interest and the final value of the deposit that earns the given rate for the indicated length of time.
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
I = Prt
so its not A= p(1+r/n)^n ?
Can you show me please
Interest = principal * rate * time
I = 46,945 * 0.085 * 1.8333
I = ?
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.
Sorry Ms. Sue, I thought you may have called it a night.
No problem, DrBob. I'm glad to have someone else verify my post.
Where did you get 0.8333?
I didn't use 0.8333
22/12 = 1.8333
To find the simple interest and the final value of the deposit, we need to use the formula:
Interest = Principal (P) × Rate (R) × Time (T)
Final value = Principal (P) + Interest
Let's break down the given information:
Principal (P) = $46,945
Rate (R) = 8.5% (which we can convert to a decimal by dividing by 100: 8.5/100 = 0.085)
Time (T) = 22 months
First, let's calculate the interest:
Interest = $46,945 × 0.085 × (22/12)
To calculate this using a calculator, you will need to follow the order of operations (PEMDAS) and use the appropriate buttons. Here's a step-by-step guide:
1. Enter $46,945 × 0.085 × (22 ÷ 12) into your calculator.
2. Press the appropriate multiplication button.
3. Press the equals button.
This should give you the value of the interest. Now, let's calculate the final value:
Final value = $46,945 + Interest
To calculate this using a calculator:
1. Enter $46,945 + Interest into your calculator, where Interest is the value obtained in the previous step.
2. Press the equals button.
This should give you the final value. Lastly, round your answers to the nearest cent.
Now, you can calculate the final value and compare it to the provided choices to find the correct option.