## tightsnstuff Group Title 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? 2 years ago 2 years ago • This Question is Closed 1. Mr.Math Group Title Try again! 2. tightsnstuff Group Title Oh man. 3. Mr.Math Group Title Could you write down the formula you used and how you used it. 4. Mr.Math Group Title ? 5. tightsnstuff Group Title I used A = P(1+rt) 16000= p (1.6.5 *3) 6. Mr.Math Group Title You mean $$16000=P(1+0.065\times3)$$. 7. Mr.Math Group Title Be careful when dealing with the interest rate. 6.5%=0.065. 8. Mr.Math Group Title 3%=3/100=0.03. 4%=4/100=0.04 5.5%=5.5/100=0.055 and so on. 9. tightsnstuff Group Title 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?

10. Mr.Math Group Title

Great!

11. eSpeX Group Title

Correct.

12. tightsnstuff Group Title

THANK YOU!