Question

Monico invests $9,000 at 9% simple interest for 1 year. How much is in the account at the end of the 1 year period?

Answer 1

The $9,810 is the amount which is show at the end of the 1 year period

Step-by-step explanation:

For computing the amount at the end of the year we use the formula of simple interest and amount

The formula of simple interest is shown below:

Simple interest = Principal × rate × year ÷ 100

= $9000 × 9% *1

= $810

And, the amount value equal to

= Principal amount + Simple Interest

= $9,000 + $810

=$9,810

Hence, the $9,810 is the amount which is show at the end of the 1 year period

Answer 2

Answer: $9,810

Step-by-step explanation:

Given that,

Principal amount (P) = $9,000

Simple interest rate (r) = 9%

Time period (t) = 1 year

Amount at the end of the 1 year period = P (1 + rt)

= 9,000 + 9,000 × 0.09 × 1

= 9,000 + 810

= $9,810