Question

Tom won $30,000 in the lottery. He put all of it in an

Answer 1

Answer:

I = $19,800

Step-by-step explanation:

Given a principle of 30,000$, a time of 6 years, and a percent interest of 11%(rate) in simple interest. We can use the simple interest formula to solve this problem.

Simple interest: I = prt.

Where I = interest(money earned), p = principle(starting money), r = rate(as a percentage), and t = time(in respect to years).

I = $6 × 11 % × $30,000

$I = 6 × 0.11 × 30,000

$I = 6 × 3,300

$I = 19,800

I = $19,800

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If you are curious about the current amount, just add the principle, and the interest.

current balance = I + p .

current balance = $19,800 + $30,000 .

current balance = $49,800 .