Niki P.

asked • 01/28/18

What are the steps to solve this?

 A money market fund advertises a simple interest rate of 7%. Find the total amount received on an investment of $4000 for 15 months.

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Carol H. answered • 01/28/18

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i = prt     15 months = 1 1/4 years = 5/4 years
i = 4000(.07)(5/4)
i = $350
A = 4000 + 250
A = $4250
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Niki P.

Thank you. One question though. Would it be 4350 rather than 4250? If it’s 4250 how do you get that? I was doing it thinking that the 4000 was 7% of a number. I appreciate your help 
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01/28/18

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