Question

Thomas invested $1498.00 at 6% simple interest per annum calculate
1. The interest in dollars earned after six months

2. The total amount of money is in his account after 3 years

3. How long it will be before his investment earns $449.40

Answer 1

Step-by-step explanation:

1) The interest earned in dollars after 6 months ..... t = 1/2.....6% = .06

I = 1498 (.06) (1/2) = $44.94

2) the total amount of money in his account after 3 years.

A = P + I = 1498 + 1498 (.06) (3) = $1767.64

3)how long will it take before the investment earns $449.40

449.40 = 1498 (.06) (t) divide by 1498 (.06)

[449.40] / [ 1498 (.06 ] = t = 5 years = 10 (1/2) year periods !!!!