Question

Matilda invested $5,000 at a rate of 7.5% How much did she have after 6 months ?


I GOT 23,750 BUT I AM NOT SURE IF THATS THE ANSWER CAN SOMEON HELP ME ?

Answer 1

whats the equations again? i forgot it back in precalc lol

Answer 2

I=PRT Principle * Rate * Time

Answer 3

what are the units for time?

Answer 4

days? months? weeks?

Answer 5

?

Answer 6

oh lol nvm its prolly months but it could be years

Answer 7

yea uhm do you noe if my answer is right ?

Answer 8

r u a 5th grader

Answer 9

oo a 8th grader but i forgot how to do this lmaoo (offensive )

Answer 10

5000* 1.075^6

Answer 11

7.5% simple interest or compound interest?

Answer 12

depends if its calculated annually or 1/month

Answer 13

i did 6/12 and i got o.5 and then with that i multipilyed 5000 * 7.5 * 0.5 and then i got 18750 +5000 and i got 23,750 do you think this is right ? oh and foolformath is simple interest

Answer 14

it really depends on how often the interest is compounded
i assumed monthly, because if it is compound annually you don't get any interest until the end of the year, so you would only have what you started with

Answer 15

huh?

Answer 16

If it is simple interest then the interest after 6 months is \( (5000 \times 7.5 \times1/2)/100= 187.5 \)

So the total amount after 6 months is 5187.5

Answer 17

@FoolForMath isnt it supposed to be exponential?
or we could do it both ways?

Answer 18

but where did you get 1/2 from ?

Answer 19

Simple interest is not exponential.

Answer 20

6 months is half (1/2) year.

Answer 21

5000 = initial value
100% +7.5% = 1.075
6 = nb of months
5000* 1.075^6 = 7716.5

Answer 22

and if its 3 month than i divide that by 12 ?

Answer 23

@P0sitr0n: First I think that is compound interest and second it appears you are doing it for 6 years instead of 6 months.

Answer 24

@eliiloveu:

12 months = 1 year
3 months = 3/12 = 1/4 year.

Answer 25

ohh ok okay thanks can you ask me a question like the one i had on top to see if i know please if you have time because i have a test tommorow and
i am scared if i get confused ?

Answer 26

Okay,

Matilda invested $5,00 at a rate of 7% How much did she have after 3 months ?

Answer 27

8.75

Answer 28

Right! that's the simple interest.

Answer 29

oh thank you very much :)

Answer 30

glad to help :)

Answer 31

:)