You first start by converting 8.5 to a decimal by dividing by 100 like this:
Then you multiply 0.085 by 1,000 like this:
But we need to multiply 85 by 6 year which give us: 510.
We now add 1,000 and 510 together which gives us 1,510.
If I invest $1,000 at an 8.5% interest rate, how much money will I earn over 6 years? A. $5,100 B. $1,510 C. $510 D. $85 | Socratic (2024)
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