Enter 3 out of 4 below

<-- Accum Value
<-- Principal
<-- Interest %
<-- Time
      

Answer
Success!
Accumulated Value using Simple Interest = 18530

↓Steps Explained:↓

Given an initial balance of 17000,
an interest rate of 9%,
and time of 1

Calculate the Accumulated Balance
using Simple Interest:

Accumulated Value formula

AV = Principal * (1 + (int. rate * time))

Plug in our values

AV = 17000 * (1 + (0.09 * 1))

Simplify

AV = 17000 * (1 + 0.09)

AV = 17000 * 1.09

Calculate the total interest earned:

Total Interest Earned = Accumulated Value - Principal

Total Interest Earned = 18530 - 17000

Total Interest Earned = 1530

Calculate the interest earned:

Interest per Period  =  Interest Earned
  t

Interest per Period  =  1530
  1

Interest per period = 1530

Final Answer

Accumulated Value using Simple Interest = 18530
Take the Quiz  Switch to Chat Mode


Related Calculators:  Annuities  |  Arithmetic Annuity  |  Geometric Annuity Immediate