Find the future value if £1500 is invested for 5 years at 8.7% p.a.

$2,152.50

Step-by-step explanation:

A = $2,152.50

I = A - P = $652.50

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 8.7%/100 = 0.087 per year.

Solving our equation:

A = 1500(1 + (0.087 × 5)) = 2152.5

A = $2,152.50

The total amount accrued, principal plus interest, from simple interest on a principal of $1,500.00 at a rate of 8.7% per year for 5 years is $2,152.50.

£2276.35

Step-by-step explanation:

1500 X (100+8.7/100)^5