Question

If you invest $823 at an interest rate of 3% how much money will you have after nine years

Answer 1

The total money received after 9 years is $1045 .21.

Explanation:

The Principal amount invested = $823

Rate of interest = 3%

The time interval = 9 years

Now, SIMPLE INTEREST =
`(P * R * T)/(100)`

So, here SI =
`(823 * 3 * 9)/(100)  = 222.21`

or, Simple Interest = $222.21

Now,as we know AMOUNT = PRINCIPAL + SIMPLE INTEREST

So, A = $823 + $222.21

= $1045 .21

Hence, the total money received after 9 years is $1045 .21.