how to do simple intrest with A= P ( 1 + rt)
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Answer:
$11,937.50
Step-by-step explanation:
A = $11,937.50
I = A - P = $1,937.50
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 3.875%/100 = 0.03875 per year.
Solving our equation:
A = 10000(1 + (0.03875 × 5)) = 11937.5
A = $11,937.50
The total amount accrued, principal plus interest, from simple interest on a principal of $10,000.00 at a rate of 3.875% per year for 5 years is $11,937.50.
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