Question

Find the present value of $ 3,000 at a simple interest rate of 6 % in 9 years ?

Answer 1

using the simple interest rate Formula, I = prt.

given 3,000 as the principle,

6% as the rate, and 9 years as the time

I = (3000)(6%)(9)

I = (27000)(6%)

I = (27000)(0.06)

I = 1620$

Present value = I + p

present value = 1620$ + 3000$

present value = 4620$

Answer 2

Is it anual intrest rate? if so then it would be 1620$ inrest rate and if it was 6% in 9 years it would be 180$ interest rate

Explanation: