I am trying to calculate simple interest for an M115 college course online. To do this I

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I am trying to calculate simple interest for an M115 college course online. To do this I take the formula I=Prt. So, to figure out this problem:

Assume that an investment of $2000 earns an APR of 6% compounded monthly for 16 months. How much money is in your account after 16 months?

I do this:

2000 × 0.06 × 1.33333= 159.9996

Then I add 2,000

That equals 2,159.9996

After I round up, I get 2,160

My computer program says the answer is $2166.14

How do I get this number?

Related Book For answer-question

Cornerstones of Managerial Accounting

ISBN: 978-0324660135

3rd Edition

Authors: Mowen, Hansen, Heitger

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Posted Date: Feb 20, 2024 04:41 AM

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I am trying to calculate simple interest for an M115 college course online. To do this I

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Cornerstones of Managerial Accounting

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