How to find the simple interest?

Question

Principal=640 , Rate=8% Time in years=5 one half

Answer 1

The formula I use for interest is: fv=p*(1+int/c)^(n*t)

fv=future value

p=principal

interest

c=compound

nt= times/yr

This sum; at 8%; 5.5 yrs has a value of $977.26.

Remember to make the int into a fraction.

Answer 2

640(1.08)^5.5 = your answer