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Find the interest to the nearest cent if $925 earns 6.25% interest annually for 18 months.

 May 13, 2021
 #1
avatar+32837 
+1

fv = pv ( 1 + i)n         pv = 925   i = .0625  (this is 6.25% in decimal)        n = 1.5    ( 18 months is 1.5 years)

 

fv = 925 (1 .0625)1.5= ~~1013.06  dollars

 May 13, 2021
edited by ElectricPavlov  May 13, 2021
 #2
avatar+22 
0

925e^6.25% times 18
925e^9/8
925 times 3.080216849
2849.200585
2849.20

 May 13, 2021

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