Find the future value an investment of $4720 at 534% simple interest for 9 years.
Is that 5.34% simple interest?
I will assume you have a typo and you meant
5.34%
amount = 4720+ 4720(.0534)(9)
= ....
To find the future value of an investment with simple interest, you can use the formula:
Future Value = Principal + (Principal * Interest Rate * Time)
Given:
Principal (P) = $4720
Interest Rate (R) = 534% = 5.34
Time (T) = 9 years
First, convert the interest rate from percentage to decimal by dividing it by 100:
Interest Rate (R) = 5.34 / 100 = 0.0534
Now, you can use the formula to calculate the future value:
Future Value = $4720 + ($4720 * 0.0534 * 9)
Calculating the value inside the parentheses:
($4720 * 0.0534 * 9) = $2394.01
Adding the principal and the value inside the parentheses:
Future Value = $4720 + $2394.01 = $7114.01
Therefore, the future value of the investment after 9 years with 534% simple interest is $7114.01.