An algebra problem by A Former Brilliant Member

Algebra Level 1

I invested an amount of $8000 today at a simple interest rate of 11%. What will be the amount after 8 months?

Round off your answer to the nearest whole number.


The answer is 8587.

A Former Brilliant Member by A Former Brilliant Member

This section requires Javascript.
You are seeing this because something didn't load right. We suggest you, (a) try refreshing the page, (b) enabling javascript if it is disabled on your browser and, finally, (c) loading the non-javascript version of this page . We're sorry about the hassle.

1 solution

F F = = P ( 1 + r t ) P(1 + rt) = = 8000 [ 1 + 0.11 ( 8 12 8000[1 + 0.11(\frac{8}{12} ) ] )] = 8587 =\boxed{8587}

0 Helpful 0 Interesting 0 Brilliant 0 Confused

You made the mistake in your calculation that the interest rate is 11 % 11\% . The given is 12 % 12\%

Michael Huang - 4 years, 5 months ago

Thanks, the problem is now edited.

A Former Brilliant Member - 4 years, 5 months ago

0 pending reports

×

Problem Loading...

Note Loading...

Set Loading...