Emmanuel puts 1,081 into an investment yielding 1.946% annual simple interest; he left the money in for 71 years. How much interest does Emmanuel get at the end of those 71 years?

Solution

Emmanuel puts 1, 081 into an investment yielding 1.946% annual simple interest; he left the money in for 71 years. How much interest does Emmanuel get at the end of those 71 years?

Solution

Interest : 1493.57

Solution steps

Translate the problem into an equation:

I = 1081 \cdot 0.01946 \cdot 71

Simplify

I = 1081 \cdot 0.01946 \cdot 71

Round to the nearest hundredth:

1493.57

Interest : 1493.57

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