darkstorm7824 darkstorm7824

08-03-2021
Mathematics

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A money market fund advertises a simple interest rate of 7% find the total amount received on an investment of $9000 for 12 months

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andromache andromache

09-03-2021

Answer:

the total amount received is $9,630

Step-by-step explanation:

The computation of the total amount received is shown below:

= Investment made + simple interest

= $9,000 + ($9,000 × 7% × 12 months ÷ 12 months)

= $9,000 + $630

= $9,630

hence, the total amount received is $9,630

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