What is the total amount after 9 years if $10,301 is invested at a 8% annual simple interest rate? Please write the answer in two decimal places.

Question

What is the total amount after 9 years if $10,301 is invested at a 8% annual simple interest rate?  Please write the answer in two decimal places.

BlackTom AI · Accepted Answer

To solve this, we identify that the problem uses simple interest. The formula for the amount when interest is simple is A = P(1 + rt), where P is the principal, r is the annual interest rate (as a decimal), and t is the time in years.

First, compute rt: r = 0.08 (8%), t = 9 years, so rt = 0.08 × 9 = 0.72.

Next, compute the total amount A: A = 10301 × (1 + 0.72) = 10301 × 1.72.

Now break down the multiplication: 10301 × 1.72 = 10301 × 1 + 10301 × 0.72 = 10301 + 7416.72 = 17717.72.

Rounding to two decimal places (which is already done in the calculation) yields 17717.72.

The provided answer 17,465.28 does not match this result. This discrepancy could stem from using a different assumption (for example, a different rate or a different compounding method) or a calculation error in the given value. For this scenario with simple interest at 8% over 9 years, the correct calculation leads to 17717.72.

If needed, you can re-check by computing the total interest earned: Interest = P × r × t = 10301 × 0.08 × 9 = 10301 × 0.72 = 7416.72, and then A = P + Interest = 10301 + 7416.72 = 17717.72.

25400 Financial Literacy - Spring 2025 🔴 Practice Questions for In-class Quiz 1

What is the total amount after 9 years if $10,301 is invested at a 8% annual simple interest rate? Please write the answer in two decimal places.

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