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27,000$ for 119 days; money earns 3%
find the present value of the future amount

User RngTng
by
8.4k points

2 Answers

3 votes

Answer: multiply 3% by $27,000

Explanation:

User Smd
by
8.6k points
3 votes

The value of the future amount is $27264.1

Simple interest is a method of calculating interest on a principal amount over time.

It is computed by multiplying the principal by the interest rate and the time period.

Simple interest = (P × R × T)/100

P is the principal and r is the rate and t is the time

t = 119 days

in years = 119/365

SI = 27000 × 3/100 × 119/365

SI = $264.1

Therefore the future amount = 27000 + 264.1

= $27264.1

User Shivashankar
by
8.1k points