138k views
4 votes
Find the interest earned if you place $76.43 into an account that pays 21.5% simple interest, and leave it in for 3 years.

User Meanman
by
6.2k points

1 Answer

5 votes

A = $125.73

I = A - P = $49.30

hey!

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 21.5%/100 = 0.215 per year.

Solving our equation:

A = 76.43(1 + (0.215 Ă— 3)) = 125.72735

A = $125.73

The total amount accrued, principal plus interest, from simple interest on a principal of $76.43 at a rate of 21.5% per year for 3 years is $125.73.

------------------------

hope i helped in some way! keep pushing you got this

User KrishPrabakar
by
8.1k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.