Question

Luke invested $110 at 3% simple interest for a period of 6 years. How much will his investment be worth after 6 years?
a) $132.80
b) $133.80
c) $127.80
d) $129.80
e) $126.80
f) None of the above.

Answer 1

Answer:

investment after 6 years = $129.80

Explanation:

given data

invested = $110

simple interest = 3%

period = 6 years

to find out

How much will his investment be worth after 6 years

solution

first we get here interest that is express as

interest = invested amount × rate × time    ..................1

interest = $110 × 3% × 6

interest = $19.8

and

investment after 6 years = invested amount + interest   .................2

investment after 6 years = $110 + $19.8

investment after 6 years = $129.80