if eric invests $600 today in an account that earns 8% per year in simple interest, how much will he have in 15 years?(round the value to 0th decimal)

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03-09-2022
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if eric invests $600 today in an account that earns 8% per year in simple interest, how much will he have in 15 years?(round the value to 0th decimal)

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AnnuG AnnuG · Answer 1 · 2022-09-07T10:50:03+02:00

ExplaC0 today becomes the following in t periods with simple interest:

C0 = (1 + (period simple interest rate t))

Eric's financial situation would be 500 (1 + (.0800 15)) = 500 (1 + 1.200) = $1,100.

Eric would have $500 + $600 = $1,100 after 15 years after earning $600 in interest (.0800 500 = $40 every year for 15 years)

He can invest $600

Simple interest is a quick and simple formula for figuring out how much interest will be charged on a loan. The daily interest rate, the principle, and the number of days between payments are multiplied to calculate simple interest.

To learn more on simple interest

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