TalishaM707498 TalishaM707498
  • 25-10-2022
  • Mathematics
contestada

You decide to deposit $5,000 in a savings account that earns 3% interest. How much money will you have in 10 years

Respuesta :

MadelonA499538 MadelonA499538
  • 25-10-2022

If the interest is simple interest, we have the formula:

[tex]i=\text{Prt}[/tex]

Where

i is the interest earned

P is the principal amount deposited

r is the rate of interest in decimal

t is the time in years

Given,

P = 5000

r = 0.03

t = 10

We substitute and figure out the interest earned first:

[tex]\begin{gathered} i=\text{Prt} \\ i=(5000)(0.03)(10) \\ i=1500 \end{gathered}[/tex]

Now, total money accumulated will be principal + interest earned, thus

5000 + 1500 = $6500

Answer

$6500

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