If a person invests $290 at 6% annual interest, find the approximate value of the investment at the end of 15 years.

Mathematics

1 answer:

larisa86 [58]2 years ago

4 0

Answer:

$261

Step-by-step explanation:

Simple equation to remember.

I = PRT

In this case, "I" means investment, "P" means principal, a fancy term for saying the starting money, "R" means rate in decimal form (just move the decimal two places to the left to convert the percent to decimal), and "T" means time, which is usually in years.

All you do is just plug in 290 as P, 0.06 as R, and 15 as the T, and then you multiply that all together to get.

However, this is only the simple investment equation, there are other equations such as the compound equation used for interest. I'm assuming you're only using the normal interest equation.

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