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Popular Word Problems >

Emmanuel puts 1,081 into an investment yielding 1.946% annual simple interest; he left the money in for 71 years. How much interest does Emmanuel get at the end of those 71 years?

Solution

E mman u e l p u t s 1, 081 in t o an in v es t m e n t y i e l d in g 1.946% ann u a l s im pl e in t eres t; h e l e f t t h e m o n ey in f or 71 ye a rs . Ho w m u c h in t eres t d oes E mman u e l g e t a t t h e e n d o f t h ose 71 ye a rs ?

Solution

Interest : 1493.57

Solution steps

Translate the problem into an equation:

I = 1081 \cdot 0.01946 \cdot 71

Simplify

I = 1081 \cdot 0.01946 \cdot 71

Round to the nearest hundredth:

1493.57

Interest : 1493.57

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