Answer:
Step-by-step explanation:
Given
Required
Since the events are mutually exclusive, then:
So, we have:
Take LCM
A = $2,861.60
I = A - P = $2,361.60
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 26.24%/100 = 0.2624 per year.
Solving our equation:
A = 500(1 + (0.2624 × 18)) = 2861.6
A = $2,861.60
The total amount accrued, principal plus interest, from simple interest on a principal of $500.00 at a rate of 26.24% per year for 18 years is $2,861.60.
Answer:
Step-by-step explanation:
Using rule of exponents
Using rule of exponents
To equalize the negative sign, we'll move t to the denominator