Problema Solution
if I deposited $950.00 into savings, with a 2.5% interest how much will I have in 6 months
Answer provided by our tutors
P = $950.00 the principal
r = 0.025 or 2.5% the annual simple rate
t = 6 months = 6/12 years = 0.5 years the time
A = P(1 + rt) the future value
A = 950(1 + 0.025*0.5)
A = $961.875
In 6 months there will be $961.875.