What is the future value of $810 invested at 6% simple interest for 83 days? Assume ordinary interest; that is, use 360 for the number of days in a year.
A) $\$ 821.21$
B) $\$ 1,930.50$
C) $\$ 4,843.80$
D) $\$ 11.21$
E) $\$ 1,120.50$

Question

Quizplus · Accepted Answer

Using the simple interest formula $I=Prt$ with $P=810$, $r=0.06$, $t=\frac{83}{360}$ (since it is 83 days out of a 360-day year), we get $I = \frac{810\cdot 0.06 \cdot 83}{360} = 11.21$. Thus, the future value is $810+11.21=\boxed{\$821.21}$.

What Is the Future Value of $810 Invested at 6 $821.21\$ 821.21$821.21

What Is the Future Value of $810 Invested at 6 $\$ 821.21$