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Calculating Simple Interest
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5.7.1- Finding Future Value with Simple + Compound Interest alla finding interest that acomulcito on money. Ex) You invest $1200 into an account that carns 8.3% of the principal. How much does that account have after 5 years? 5 years means 5 of those interest chunks M Pretend this Principal is a block of amt money Interest (8.3% of this ant/year) interest that proportional anwell Principal rate This type of interest, where the rate applies only to the principal, is called simple interest (simple to calculate) I= pat number of years = Pritend these are the same SO: P = 120 r=8.3%-0.083 t=5 OMEO final total amt. Saccart total is P+ +I I=1200(0.083) 5 = $498 Account total : 1200 + 498-1698
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Notes on how to determine future value by calculating future interest.
Notes on how to determine future value by calculating future interest.
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5.7.1- Finding Future Value with Simple + Compound Interest alla finding interest that acomulcito on money. Ex) You invest $1200 into an account that carns 8.3% of the principal. How much does that account have after 5 years? 5 years means 5 of those interest chunks M Pretend this Principal is a block of amt money Interest (8.3% of this ant/year) interest that proportional anwell Principal rate This type of interest, where the rate applies only to the principal, is called simple interest (simple to calculate) I= pat number of years = Pritend these are the same SO: P = 120 r=8.3%-0.083 t=5 OMEO final total amt. Saccart total is P+ +I I=1200(0.083) 5 = $498 Account total : 1200 + 498-1698
5.7.1- Finding Future Value with Simple + Compound Interest alla finding interest that acomulcito on money. Ex) You invest $1200 into an account that carns 8.3% of the principal. How much does that account have after 5 years? 5 years means 5 of those interest chunks M Pretend this Principal is a block of amt money Interest (8.3% of this ant/year) interest that proportional anwell Principal rate This type of interest, where the rate applies only to the principal, is called simple interest (simple to calculate) I= pat number of years = Pritend these are the same SO: P = 120 r=8.3%-0.083 t=5 OMEO final total amt. Saccart total is P+ +I I=1200(0.083) 5 = $498 Account total : 1200 + 498-1698
Can't find what you're looking for? Explore other subjects.
Knowunity is the # 1 ranked education app in five European countries
Knowunity was a featured story by Apple and has consistently topped the app store charts within the education category in Germany, Italy, Poland, Switzerland and United Kingdom. Join Knowunity today and help millions of students around the world.
Still not sure? Look at what your fellow peers are saying...
iOS User
I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D
Stefan S, iOS User
The application is very simple and well designed. So far I have found what I was looking for :D
SuSSan, iOS User