If you were to invest only $1, how much simple interest would you have if the rate was 4.6%? Use the following years for each scenario:

Question

If you were to invest only $1, how much simple interest would you have if the rate was 4.6%? Use the following years for each scenario:

30 years:

45 years:

65 years:

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Eloise 1 week 2021-10-06T07:08:07+00:00 2 Answers 0

Answers ( )

    0
    2021-10-06T07:09:28+00:00

    Answer:

    30 years: 1.38

    45 years: 2.07

    65 years:2.99

    Step-by-step explanation:

    $1×0.046=0.046

    0.046×30=1.38

    0.046×45=2.07

    0.046×65=2.99

    this is assuming that it gets interest yearly and that they don’t want the original amount included.

    0
    2021-10-06T07:09:35+00:00

    Answer:

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the investment.

    P represents the principal or amount invested.

    R represents interest rate

    T represents the duration of the investment in years.

    From the information given,

    P = $1

    R = 4.6%

    1) When t = 30 years,

    I = (1 × 4.6 × 30)/100 = $1.38

    2) When t = 45 years,

    I = (1 × 4.6 × 45)/100 = $2.07

    3) When t = 65 years,

    I = (1 × 4.6 × 65)/100 = $2.99

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