Question

$8000 is invested in a simple annual interest rate of 6% find the balance of the investment after 5 years
i got $10,400 and it was a wrong answer can i get help

Answer 1

well the simple interest formula is

\[I = P \times \frac{r}{100} \times t\]

ypu have P = 8000 r = 6 and t = 5

so calculate the interest

the the Balance or future value is

Future Value = Principal + Interest

Answer 2

I don't understand why your answer is wrong.

Answer 3

i got 24

Answer 4

I=8000*0.06/100*5

Answer 5

would it be 24,000??

Answer 6

sorry its 7976 right @campbell_st

Answer 7

What is 6% of $8000?

Answer 8

as I said in the posting r = 6

so you need

\[I = 8000 \times \frac{6}{100} \times 5\]

Answer 9

$7976 is less than $8000.
You start with $8000, earn interest for 5 years, and end up with less than $8000?
How can that be?

Answer 10

when you get the value of the interest add it to the principal.

Answer 11

its 5600

Answer 12

right @campbell_st

Answer 13

Are you asking if 5600 is the interest earned in 5 years?

Answer 14

is that the interest calculation..?

Answer 15

yes itd what i got

Answer 16

You wrote above in your post that you got $10,400 for the answer.
How did you get that?
Did you calculate it?
How did you calculate $10,400?

Answer 17

i dont know but i know it was wrong

Answer 18

Where did you get the idea it's wrong?

Answer 19

when i submitted the answers it came wrong, the professor marked it wrong

Answer 20

Also, if you are finding an interest rate, then can you tell me what 8% simple interest on $8000 for 1 year is?
Simply put, what is 6% of $8000?

Answer 21

To find a percent of a number, multiply the percent by the number.
You change the percent to a decimal by moving the decimal point two places to the left.
Then you multiply by the number.