Question

can u help me with this one problem find the simlp interest earned, to the nearest cent, for each principal,interest rate, and time.

Answer 1

we have the following:

$\begin{gathered} A=P\cdot(1+r\cdot t) \\ r=\frac{R}{100}=\frac{6}{100}=0.06\text{ per year} \\ A=530\cdot(1+0.06\cdot1) \\ A=530\cdot1.06 \\ A=\text{ }561.8 \end{gathered}$

The answer is 561.8$