Question

Find the simple interest and the final value of the deposit that earns the given rate for the indicated length of time. Round your answers to the nearest cent.

$6282 earning 9% for 9 months

Answer 1

Answer:
`\$424.04, \$6706.04`

Explanation:

Using the formula
`I=Prt` (where
`I` represents interest,
`P` represents principal,
`r` is the interest rate as a decimal, and
`t` is the time in years), we get
`I=(6282)(0.09)(0.75) =\$424.04` (to the nearest cent), and thus the final value is
`6282+424.04=\$6706.04` (to the nearest cent).