Mark wants to invest 10,000 in a cd for at least 10 years the first choice is a cd that pays 4% annually and uses simple interes
t what is the total value after 10 years
1 answer:
Answer: 14000
Step-by-step explanation:
From the question, the first thing is to first calculate the simple interest (S.I). This will be:
S.I = (principal × rate × time)/100
where principal = 10,000
rate = 4%
time = 10 years
Simple interest = (10,000 × 4 × 10)/100
= 400000/100
= 4000
The total value after 10 years will be th addition of the amount invested and the interest. This will be:
= 10,000 + 4000
= 14000
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