Question

Bill invests $15,572 into a simple interest account that yields 6.83%

interest annually. How much total money will Bill have in the account after
23 years?
Round answers to the nearest cent (2 decimal places).
N

Answer 1

$ 24,462.05

Explanation:

I = Prt [intrest= principal amount*rate*time]

First, converting R percent to r a decimal

r = R/100 = 6.83%/100 = 0.0683 per year,

then, solving our equation

I = 15572 × 0.0683 × 23 = 24462.0548

I = $ 24,462.05

The simple interest accumulated

on a principal of $ 15,572.00

at a rate of 6.83% per year

for 23 years is $ 24,462.05.