Principle 1600, rate 6, time 2.5 years find CI

Question

Mathematics

Miguel Figueroa

12 December, 12:02

Principle 1600, rate 6, time 2.5 years find CI

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Answers (1)

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Jett Chaney · Answer 1

C. I = $251.2

Step-by-step explanation:

P = Principal amount = 1600

r = rate of annual interest = 6%

n = period / no. of years = 2.5 years

C. I = (P * (1+r^n)) - P

C. I = (1600 * (1+0.06) ^2.5)) - 1600

C. I = (1600 * (1.06^2.5)) - 1600

C. I = (1600*1.157) - 1600

C. I = 1851.2-1600

C. I = 251.2