Thomas invested $1498 at 6% simple interest per annum. Calculate: 1) The interest earned in dollars after 6 months. 2)the total amount of money in his account after 3 years. 3)how long will it take before the investment earns $449.40
+129647 I = Prt
1) The interest earned in dollars after 6 months ..... t = 1/2.....6% = .06
I = 1498 (.06) (1/2) = $44.94
2) the total amount of money in his account after 3 years.
A = P + I = 1498 + 1498 (.06) (3) = $1767.64
3)how long will it take before the investment earns $449.40
449.40 = 1498 (.06) (t) divide by 1498 (.06)
[449.40] / [ 1498 (.06 ] = t = 5 years = 10 (1/2) year periods !!!!
