Question

David invested $1,000 what would that money grow to in 18 months at a 5.5% interest rate

Answer 1

Interest I = PRT /100

P = $ 1000
R = 5.5% per annum
T = 18 months = 18 /12 = 1.5 years.

I = 1000 * 5.5 * 1.5 /100

I = $ 82.5

Amount = P + I = 1000 + 82.5 = 1082.5.

Hence the it would have grown to $1082.5