Solve.
-A money market fund advertises a simple interest rate of 6%. Find the total amount received on an investment of $9000 for 6 months.

Question

Quizplus · Accepted Answer

To find the total amount received on an investment of $9000 for 6 months, we can use the simple interest formula:

Simple Interest = (Principal × Rate × Time) / 100

Where: 
Principal = $9000 
Rate = 6% per annum = 6/2 = 3% for 6 months 
Time = 6 months

Substituting these values in the formula, we get:

Simple Interest = (9000 × 3 × 6) / 100 = $1620

Therefore, the total amount received on the investment is:

Total Amount = Principal + Simple Interest = 9000 + 1620 = $10,620

Hence, the best choice is C. The formula for simple interest is: 
I = Prt 
where I is the interest earned, P is the principal amount, r is the interest rate, and t is the time in years.

In this case, P = $9000, r = 6%, and t = 6 months = 0.5 years. Plugging in these values, we get:

I = ($9000)(0.06)(0.5) = $270

So the total amount received on the investment is:

Total = Principal + Interest = $9000 + $270 = $9270

Therefore, the best choice is C) $9270.00.

Solve. -A Money Market Fund Advertises a Simple Interest Rate of of 6