Using the simple interest formula find the future value of an ordinary annunity of $3,500 paid annually after 3 yrs at 3.6% annunal interest. find the total interest earned.
I know what PRT is in the formula of I=prt, stuck from there.
This is pretty interesting.
P=$3500 ,R=3.6% and T=3 therefore, future value=$3500*(1+0.036*3)=$3878
The total interest earned = (future value-principal) =$(3878-3500)= $378
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