Concept explainers
To calculate: The amount of the certificate after 8 years.
Answer to Problem 38STP
The amount of certificate is $790.
Explanation of Solution
Given information: The amount of deposit certificate is $500. Rate of simple interest is 7.25%, number of years = 8.
Formula used: The simple interest formula is
Where, S.I = simple interest amount, P = principal amount, r =annual rate of interest, t = the length of time the money is invested.
Calculation:
In the problem given,
P = $500, r=
Simple interest amount = $290.
Total amount of certificate after 8 years =
So, the total amount of certificate = $790.
Chapter 7 Solutions
Pre-Algebra Student Edition
Additional Math Textbook Solutions
College Algebra with Modeling & Visualization (5th Edition)
Elementary Statistics
Algebra and Trigonometry (6th Edition)
Introductory Statistics
Basic Business Statistics, Student Value Edition
- Algebra and Trigonometry (6th Edition)AlgebraISBN:9780134463216Author:Robert F. BlitzerPublisher:PEARSONContemporary Abstract AlgebraAlgebraISBN:9781305657960Author:Joseph GallianPublisher:Cengage LearningLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra And Trigonometry (11th Edition)AlgebraISBN:9780135163078Author:Michael SullivanPublisher:PEARSONIntroduction to Linear Algebra, Fifth EditionAlgebraISBN:9780980232776Author:Gilbert StrangPublisher:Wellesley-Cambridge PressCollege Algebra (Collegiate Math)AlgebraISBN:9780077836344Author:Julie Miller, Donna GerkenPublisher:McGraw-Hill Education