Robin saves $500 at a yearly simple interest rate of 4%. What is the total amount of money she has after 20 years?

Question

Robin saves $500 at a yearly simple interest rate of 4%. What is the total amount of
money she has after 20 years?

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Thành Đạt 5 years 2021-09-04T16:33:07+00:00 1 Answers 139 views 0

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  1. taiduc
    0
    2021-09-04T16:34:09+00:00
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    Answer:

    $900

    Step-by-step explanation:

    The formula for simple interest is I = PRT where I is the interest earned, P is the principal/amount deposited or borrowed, R = rate as a decimal, and T = time in years

    I = PRT

    I = (500)(0.04)(20)

    I = 400

    Add the interest to the principal, and she will have $900 in 20 years.

    Please let me know if you have questions about this.

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