KatanaZ706537 KatanaZ706537
  • 31-10-2022
  • Mathematics
contestada

Find the ending balance by using simple interest$1,900 at 5.9% for 2 and three fourths years

Respuesta :

JazaelR271817 JazaelR271817
  • 31-10-2022

In general, the simple interest formula is

[tex]\begin{gathered} A=P(1+rt) \\ P\rightarrow\text{ initial amount} \\ r\rightarrow\text{ annual interest rate} \\ t\rightarrow\text{ number of years} \end{gathered}[/tex]

Thus, in our case,

[tex]P=1900,r=5.9\%=0.059,t=2.75[/tex]

Therefore, finding A,

[tex]\begin{gathered} \Rightarrow A=1900(1+0.059*2.75) \\ \Rightarrow A=2208.275 \end{gathered}[/tex]

The exact answer is $2208.275

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