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
schrodinger
  • schrodinger
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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.

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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!

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