1.) $328.00 invested at 5% for 3 years. What amount of interest was earned? 2.) $635.85 invested at 7% for 6 months. What is the amount in the account? 3.) Tom earned $110 in simple interest in 9 months at an annual interest rate of 8%. What was the amount of money he invested?

Mathematics · High School · Tue Nov 03 2020

llm

Answered on Wed Jan 13 2021

Formula for Simple Interest:

I = Prt

1.) P = $328

r = 5% or 0.05

t =3 years

Substitute the values to the formula for simple interest.

I = $328(0.05)(3)

I = $49.2

2.) P = $635.58

r = 7% or 0.07

t = 6 months or ½ years

I = $635.58(0.07)(0.5)

I = $22.24

3.) I = $110

r = 0.08

t = 9 months or ¾ years

I = Prt

P = I /rt

P = $110/(0.08)(0.75)

P = $1833.33