Please help me with my homework please answer this correctly
2 answers:
You might be interested in
Answer:
The account will earn in one year the amount of $10,512,000
Step-by-step explanation:
Given as :
The principal in the account = $10,000,000
The rate of interest = 5.12% at simple interest
The time period = 1 years
Let The amount that account earn after 1 year = $A
<u>From Simple interest method</u>
Simple interest = S.I =
or, S.I =
or, S.I =
or, S.I = $512,000
So, Simple interest = S.I = $512,000
Now, Amount = Principal + Interest
I.e A = $10,000,000 + $512,000
Or, A = $10,512,000
So, Amount = A = $10,512,000
Hence The account will earn in one year the amount of $10,512,000 Answer