Mr. Ford invested $13 550 in a bank at 7% per annum simple interest for 5 years. Calculate:
a.) The interest he was paid
b.) The total of amount of money he would have received at the end of the period of investment.
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Answer:
Mr. Ford invested $13 550 in a bank at 7% per annum simple interest for 5 years.
Calculate: Total P+I (A)
Where: A = P(1 + r/n)^(nt)
Principal (P): $ 13,550.00
Rate (R): % annual 7
Compound (n): Compounding Annually (1/Yr)
Time (t in years): 5
Answer:
A = $ 19,004.58
A = P + I where
P (principal) = $ 13,550.00
I (interest) = $ 5,454.58
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