Question

1. shannon wants to invest $7,500 for 15 months at a simple interest rate of 1.1%. the amount of interest shannon will receive is found by the formula, ( i = prt ), where ( i ) is the amount of interest earned, ( p ) is the principal invested, ( r ) is the rate of interest, and ( t ) is the amount of time invested in years. since the interest rate is 1.1%, the formula can be written as ( i = 0.011pt ). based on what you know, what are the values of ( p ) and ( t ) that shannon should use to calculate how much interest will be earned? enter your answer for ( t ) as a fraction or decimal rounded to the hundredths place. 7. tommy puts $1,500 in a bank account that has a simple interest rate of 0.8%. how much will tommy have after 9 years? 6. allen wants to invest $9,000 for 11 months at a simple interest rate of 2% per year. the amount of interest allen will receive is found by the formula, ( i = prt ), where ( i ) is the amount of interest earned, ( p ) is the principal invested, ( r ) is the rate of interest, and ( t ) is the amount of time invested in years. since the interest rate is 2%, the formula can be written as ( i = 0.02pt ). based on what you know, what are the values of ( p ) and ( t ) that allen should use to calculate how much interest will be earned? enter your answer for ( t ) as a fraction or decimal rounded to the hundredths place. 8. elsa puts $500 in a bank account that has a simple interest rate of 6.5%. how much will elsa have after 10 years?

Explanation:

Question 7:

Step1: Identify formula and values

The formula for simple interest is \( A = P(1 + RT) \), where \( P = 1500 \), \( R = 0.8\% = 0.008 \), \( T = 9 \).

Step2: Calculate the amount

First, calculate \( RT = 0.008\times9 = 0.072 \). Then, \( 1 + RT = 1 + 0.072 = 1.072 \). Finally, \( A = 1500\times1.072 \).
\( A = 1500\times1.072 = 1608 \)

Step1: Identify formula and values

The formula for simple interest is \( A = P(1 + RT) \), where \( P = 500 \), \( R = 6.5\% = 0.065 \), \( T = 10 \).

Step2: Calculate the amount

First, calculate \( RT = 0.065\times10 = 0.65 \). Then, \( 1 + RT = 1 + 0.65 = 1.65 \). Finally, \( A = 500\times1.65 \).
\( A = 500\times1.65 = 825 \)

Step1: Identify formula and values

The formula for simple interest is \( I = PRT \), where \( P = 7500 \), \( R = 1.1\% = 0.011 \), \( T = \frac{15}{12} = 1.25 \) (since 15 months is \( \frac{15}{12} \) years).

Step2: Calculate the interest

\( I = 7500\times0.011\times1.25 \)
First, \( 7500\times0.011 = 82.5 \). Then, \( 82.5\times1.25 = 103.125 \)

Answer:

\$1608

Question 8: