Find the interest for each statement.

You invest $400 for four years at 8% annual interest.

John invests $8437 at 5 1/2 (that is a mixed fraction- five and a half) interest for 6 months.

SmartMathMan Mar 29, 2019

#1**0 **

amount x interest x years = amount earned + original amount is the amount you would have at end of 4 years....

thei simplifies to amount x (1 +( interest x years))

400 x (1+(.08 x 4)) = 400 x 1.32 = .......

John's scenario:

8437 x (1+(.055 x 1/2)) = ....... .055 is annual interest of 5 1/2% the 1/2 is because it is only for 1/2 year

ElectricPavlov Mar 29, 2019

#2**0 **

it looks like the answer is wrong. Do you know why?

SmartMathMan
Mar 29, 2019

edited by
Guest
Mar 29, 2019