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Shannon_r83

  • 2 years ago

If the principal P = $900, the interest I = $702, and time t = 6 years, find the following. (a) What is the rate? 45.5 . % (b) What is the future value?

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  1. Shannon_r83
    • 2 years ago
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    the rate is not 45.5 thats a typo

  2. Shannon_r83
    • 2 years ago
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    i=prt but my answers keep coming up wrong

  3. sheg
    • 2 years ago
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    is it compounding or simple interest

  4. sheg
    • 2 years ago
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    ok so it is simple interest

  5. Shannon_r83
    • 2 years ago
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    702=900*r*6

  6. sheg
    • 2 years ago
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    \[\large{Interest = Principal\times{rate}\times{time}}\] let us assume rate of interest is r \[\large{$702 = $900\times{r}\times{6}}\] now solve for r

  7. Shannon_r83
    • 2 years ago
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    702=5400r

  8. Shannon_r83
    • 2 years ago
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    702/5400

  9. Shannon_r83
    • 2 years ago
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    0.13

  10. Shannon_r83
    • 2 years ago
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    ?

  11. sheg
    • 2 years ago
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    yes you are right

  12. Shannon_r83
    • 2 years ago
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    what about the future value

  13. sheg
    • 2 years ago
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    Future value means total amount you will be having after 6 years

  14. Shannon_r83
    • 2 years ago
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    a=p+i

  15. sheg
    • 2 years ago
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    yes

  16. Shannon_r83
    • 2 years ago
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    0.13=900+702

  17. sheg
    • 2 years ago
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    no just \[\large{{Amount}= Principal + Interest Earned}\]

  18. Shannon_r83
    • 2 years ago
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    oic lol been studying to long 900 + 702

  19. Shannon_r83
    • 2 years ago
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    thanks so much 1702

  20. sheg
    • 2 years ago
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    no it is not correct

  21. sheg
    • 2 years ago
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    add properly

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