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Popular Word Problems >

you invest 500 dollars at an 8% annual interest rate, if it is in terms of simple interest how much is your investment worth after 4 years

Solution

yo u in v es t 500 d o ll a rs a t an 8% ann u a l in t eres t r a t e, i f i t i s in t er m s o f s im pl e in t eres t h o w m u c h i s yo u r in v es t m e n t w or t h a f t er 4 ye a rs

Solution

Amount : 660

Solution steps

Translate the problem into an equation:

A = 500 (1 + 0.08 \cdot 4)

500 (1 + 0.08 \cdot 4) = 660

Amount : 660

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