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OpenStudy (anonymous):
If the principal P = $700, the rate r = 6 1/2 %, and time t = 1 year, find the following. What is the amount of interest? What is the future value?
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OpenStudy (anonymous):
Is this simple or compound interest?
OpenStudy (anonymous):
??
OpenStudy (dumbcow):
since its only for 1 year, and nothing is said about compounding, essentially its simple interest FV = 700(1+r) FV = 700 + 700(0.065) FV = 700 + 45.5 <--interest FV = 745.5
OpenStudy (anonymous):
thank you that helped me alot
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