Simple Interest: A = P(1+rt)
P: the principal, the amount invested
A: the new balance
t: the time
r: the rate, (in decimal form)
Ex1: If $1000 is invested now with simple interest of 8% per year. Find the new amount after two years.
P = $1000, t = 2 years, r = 0.08.
A = 1000(1+0.08(2)) = 1000(1.16) = 1160
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