College Algebra (10th Edition)

Published by Pearson
ISBN 10: 0321979478
ISBN 13: 978-0-32197-947-6

Chapter 6 - Section 6.7 - Financial Models - 6.7 Assess Your Understanding: 1

Answer

$15

Work Step by Step

Recall the following equation: $I=Prt$, where: P is the original principle. r is the interest rate, expressed in decimal form. t is the time, in years. Thus, we obtain: $$I=Prt \\I=(500)(.06)(.5) \\ I=15$$
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