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sheryl c | Investors invest $500 at 6% simple interest. how much is in the account after 90 days? |
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 |
 
T
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depends if the interest gets compounded quarterly or yearly.
If it's yearly (anually), then you have nothing after 90 days. |
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Franco
 |
90 days is 1/4 year, so the interest due is 6/4%
The interest due is 500/100 x 6/4 = 7.5
And the total sum becomes = 507.5 |
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rmlowrie
 |
6% simple interest is not compounded, so you take 6% for a year, divide it by 365 (or 366 in a leap year), and then multiply by 90 days. Add 1 to the result an multiply that by 500.
So, you have 6% (.06) divided by 366 (since this is a leap year) and you get .00016393.
90 x 0.00016393 = 0.01475
1 + 0.01475 = 1.01475
500 x 1.01475 = 507.377 (507.38)
I hope this helps.
Best of success. |
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src50
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You'll learn more if you do your own homework. |
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Gary
|
All of your earlier answers so far are completely wrong.
Here is the simple interest formula:
Principal x Rate x Time = Interest
$500 x .06 x 90/365 = $7.40 (Interest) |
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roderick_young
 |
Simple interest is usually compounded anually, so in the practical sense, only the original $500 is there.
But if this is a math problem, usually we figure 360 days in a year, so 90 days at a 6% annual rate is 6 * 90/360 = 1.5%.
1.5% of $500 would be added to the balance under those assumptions. |
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Sims
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6% is $30 |
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