Use the formula for future value with simple interest to find the missing quantity. Round to the nearest cent.
A = $16,000, P = ?, r = 6.5%, t = 3 years
I got 780.49. Is this correct?
ohhh... okay THANK YOU! so for this question:
Determine the present value P you must invest to have the future value A at simple interest rate r after time t. Round to the nearest cent.
A = $7,500, r = 9.5%, t = 2 years
Would I do 7,500 = P (1 + 0.095 x 2) and then the answer would be 6,302.50?