David invested $1,000 what would that money grow to in 18 months at a 5.5% interest rate

Question

Annika Hull

Mathematics

17 June, 18:55

David invested $1,000 what would that money grow to in 18 months at a 5.5% interest rate

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Villegas · Answer 1

Interest I = PRT / 100

P = $ 1000

R = 5.5% per annum

T = 18 months = 18 / 12 = 1.5 years.

I = 1000 * 5.5 * 1.5 / 100

I = $ 82.5

Amount = P + I = 1000 + 82.5 = 1082.5.

Hence the it would have grown to $1082.5