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nevsk [136]
3 years ago
14

Juan invest $3700 in a simple interest account at a rate of 4% for 15 years

Mathematics
1 answer:
OleMash [197]3 years ago
8 0

<em><u>Question:</u></em>

Juan Invest $3700 In A Simple Interest Account At A Rate Of 4% For 15 Years. How Much Money Will Be In The Account After 15 Years?

<em><u>Answer:</u></em>

There will be $ 5920 in account after 15 years

<em><u>Solution:</u></em>

<em><u>The simple interest is given by formula:</u></em>

S.I = \frac{p \times n \times r }{100}

Where,

p is the principal

n is number of years

r is rate of interest

From given,

p = 3700

r = 4 %

t = 15 years

Therefore,

S.I = \frac{3700 \times 4 \times 15 }{100}\\\\S.I = 37 \times 4 \times 15\\\\S.I = 2220

<em><u>How Much Money Will Be In The Account After 15 Years?</u></em>

Total money = principal + simple interest

Total money = 3700 + 2220

Total money = 5920

Thus there will be $ 5920 in account after 15 years

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