AmyliaV58313 AmyliaV58313
  • 25-10-2022
  • Mathematics
contestada

Todd invests $6500 for 3 1/2 years at 5% interest.how much interest will he be paid at the end of the time period?

Respuesta :

CherrishA164372 CherrishA164372
  • 25-10-2022

The simple interest formula is give by

[tex]I=P\times r\times t[/tex]

where I is the interest earned after t years and r is the rate of interest. In our case, P= $6500, r= 0.05 and t=3.5 years.

By substituting these values into the simple interest formula, we get

[tex]I=6500\times0.05\times3.5[/tex]

which gives

[tex]I=1137.5[/tex]

that is, the interest will be $1,137.5

Answer Link

Otras preguntas

The Good Friday Agreement was to improve relationships in the country of A. Ireland. B. Korea. C. China. D. Israel
During the great depression of the 1930s and the economic crisis of 2008-2010, the federal government initated reforms in the banking system to
You are a Group Supervisor working in a Branch within the Operations Section. Who is your immediate supervisor? a. Branch Director B. Branch Executive Officer
what are some benefits of animals preforming in the circus
what exactly is the milky way?
1.) How many hundreds are in 1,000? A.1 B.10 C.100 D.1,000 2.) which of the following is 8,254,060 written in words? A.eight thousand,two hundred fifty-four mil
definition for hexagonal writing
Which number in the set {−486, 0, 259} is a natural number?
The British maintained their occupation of Philadelphia since it gave them such a tremendous military advantage. True or False?
Sublimation occurs when a solid changes directly to a gas without an intermediate liquid stage. True or false. I say true.