how would i do this question?
Hal invested $2500 at 4 ¾% simple interest. Determine the accumulated amount when he withdrew the investment at the end of 5 years?
This site has a great explanation for figuring simple interest.
http://www.webmath.com/simpinterest.html
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To calculate the accumulated amount for simple interest, you will need the following information: the principal amount (the initial investment), the interest rate, and the time period.
In this case:
Principal amount (P) = $2500
Interest rate (R) = 4 ¾% = 4.75% expressed as a decimal = 0.0475
Time period (T) = 5 years
To find the accumulated amount (A), you can use the formula:
A = P + P * R * T
Now, let's plug in the values:
A = $2500 + $2500 * 0.0475 * 5
To simplify the calculation, first perform the multiplication:
A = $2500 + $2500 * 0.2375
Next, multiply the principal amount by the interest rate:
A = $2500 + $593.75
Finally, add the two values together to find the accumulated amount:
A = $3093.75
Therefore, Hal would accumulate $3093.75 when he withdraws his investment at the end of 5 years.
If you want a step-by-step explanation with visual examples, you can visit the following website: http://www.webmath.com/simpinterest.html where you can find further guidance on calculating simple interest.