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8 April, 21:03

Luke invested $110 at 3% simple interest for a period of 6 years. How much will his investment be worth after 6 years?

a) $132.80

b) $133.80

c) $127.80

d) $129.80

e) $126.80

f) None of the above.

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Answers (1)
  1. 8 April, 21:04
    0
    investment after 6 years = $129.80

    Explanation:

    given data

    invested = $110

    simple interest = 3%

    period = 6 years

    to find out

    How much will his investment be worth after 6 years

    solution

    first we get here interest that is express as

    interest = invested amount * rate * time ... 1

    interest = $110 * 3% * 6

    interest = $19.8

    and

    investment after 6 years = invested amount + interest ... 2

    investment after 6 years = $110 + $19.8

    investment after 6 years = $129.80
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