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tightsnstuff

  • 3 years ago

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?

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  1. Mr.Math
    • 3 years ago
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    Try again!

  2. tightsnstuff
    • 3 years ago
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    Oh man.

  3. Mr.Math
    • 3 years ago
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    Could you write down the formula you used and how you used it.

  4. Mr.Math
    • 3 years ago
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    ?

  5. tightsnstuff
    • 3 years ago
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    I used A = P(1+rt) 16000= p (1.6.5 *3)

  6. Mr.Math
    • 3 years ago
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    You mean \(16000=P(1+0.065\times3)\).

  7. Mr.Math
    • 3 years ago
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    Be careful when dealing with the interest rate. 6.5%=0.065.

  8. Mr.Math
    • 3 years ago
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    3%=3/100=0.03. 4%=4/100=0.04 5.5%=5.5/100=0.055 and so on.

  9. tightsnstuff
    • 3 years ago
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    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
    • 3 years ago
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    Great!

  11. eSpeX
    • 3 years ago
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    Correct.

  12. tightsnstuff
    • 3 years ago
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    THANK YOU!

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