anonymous
  • anonymous
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?
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
jamiebookeater
  • jamiebookeater
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
Mr.Math
  • Mr.Math
Try again!
anonymous
  • anonymous
Oh man.
Mr.Math
  • Mr.Math
Could you write down the formula you used and how you used it.

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

Mr.Math
  • Mr.Math
?
anonymous
  • anonymous
I used A = P(1+rt) 16000= p (1.6.5 *3)
Mr.Math
  • Mr.Math
You mean \(16000=P(1+0.065\times3)\).
Mr.Math
  • Mr.Math
Be careful when dealing with the interest rate. 6.5%=0.065.
Mr.Math
  • Mr.Math
3%=3/100=0.03. 4%=4/100=0.04 5.5%=5.5/100=0.055 and so on.
anonymous
  • anonymous
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?
Mr.Math
  • Mr.Math
Great!
eSpeX
  • eSpeX
Correct.
anonymous
  • anonymous
THANK YOU!

Looking for something else?

Not the answer you are looking for? Search for more explanations.