An amount of $12,000 is invested at a simple interest rate of 2.15% for 3 years. What is the total investment after 3 years?
Well, investing money can sometimes feel like juggling watermelons... or in this case, dollars! Let's calculate the total investment after 3 years with a simple interest rate of 2.15%, shall we?
To find the total investment, we'll start by calculating the interest earned. The formula for simple interest is: Interest = Principal × Rate × Time.
So, for an investment of $12,000, an interest rate of 2.15%, and a period of 3 years, the interest earned would be:
Interest = $12,000 × 2.15% × 3 years
Interest = $774
Now, let's add the interest to the principal to find the total investment:
Total investment = Principal + Interest
Total investment = $12,000 + $774
Total investment = $12,774
Voilà! After 3 years, your total investment would be dancing happily at a whopping $12,774. Just remember, while juggling money can be fun, it's always important to keep an eye on those interest rates and bring a sense of humor!
To calculate the total investment after 3 years, we need to use the formula for simple interest:
Total Investment = Principal + (Principal * Interest Rate * Time)
Where:
Principal = $12,000
Interest Rate = 2.15% or 0.0215 (in decimal form)
Time = 3 years
Plugging in these values into the formula, we have:
Total Investment = $12,000 + ($12,000 * 0.0215 * 3)
First, let's calculate the interest amount:
Interest = $12,000 * 0.0215 * 3
Interest = $774
Now, let's add the interest to the principal:
Total Investment = $12,000 + $774
Total Investment = $12,774
Therefore, the total investment after 3 years is $12,774.
To calculate the total investment after 3 years, you would need to use the simple interest formula:
Total Investment = Principal + (Principal x Interest Rate x Time)
In this case, the principal is $12,000, the interest rate is 2.15%, and the time is 3 years.
To find the interest earned, you would use the formula:
Interest = Principal x Interest Rate x Time
So, first, let's calculate the interest earned:
Interest = $12,000 x 2.15% x 3 years
Interest = $12,000 x (2.15/100) x 3
Interest = $12,000 x 0.0215 x 3
Interest = $774
Now, we can calculate the total investment:
Total Investment = Principal + Interest
Total Investment = $12,000 + $774
Total Investment = $12,774
Therefore, the total investment after 3 years is $12,774.