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14 December, 19:11

Monico invests $9,000 at 9% simple interest for 1 year. How much is in the account at the end of the 1 year period?

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Answers (2)
  1. 14 December, 19:14
    0
    Answer: $9,810

    Explanation:

    Given that,

    Principal amount (P) = $9,000

    Simple interest rate (r) = 9%

    Time period (t) = 1 year

    Amount at the end of the 1 year period = P (1 + rt)

    = 9,000 + 9,000 * 0.09 * 1

    = 9,000 + 810

    = $9,810
  2. 14 December, 19:36
    0
    The $9,810 is the amount which is show at the end of the 1 year period

    Explanation:

    For computing the amount at the end of the year we use the formula of simple interest and amount

    The formula of simple interest is shown below:

    Simple interest = Principal * rate * year : 100

    = $9000 * 9% * 1

    = $810

    And, the amount value equal to

    = Principal amount + Simple Interest

    = $9,000 + $810

    =$9,810

    Hence, the $9,810 is the amount which is show at the end of the 1 year period
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