Monique opens a savings account with $500. the simple interest rate is 4%, calculated annually. how much money will she have in

Question

Serjik [45]

3 years ago

14

Monique opens a savings account with $500. the simple interest rate is 4%, calculated annually. how much money will she have in

her account after 30 years, Assuming she does not touch the money during that time frame?

Mathematics

2 answers:

liraira [26] · Answer 1 · 2022-07-11T09:48:33+03:00

liraira [26]3 years ago

6 0

500 times 0.04 (4%) to find out how much she will earn in a year

500 times 0.04 is 20

Thus, she will earn 20 per year

now 20 times 30 years is 600.

Finally 600 + 500 is 1100. which means she would have 1100 dollars after 30 years

Lapatulllka [165] · Answer 2 · 2022-07-11T10:48:48+03:00

Solutions

We know that <span>Monique opens a savings account with $500. the simple interest rate is 4%, calculated annually.
</span>
Our first step to solve this problem will be to convert 4% to decimal.

4% = 0.04

500 * 0.04 = how much she will earn in a year

500 * 0.04 = 20

Monique will earn $20 per year.

Since we are looking at how much money will she have in her account after 30 <span>years, we have to multiply 20 by 30.
</span>
20 * 30 = 600.

Add everything up

600 + 500 is 1100.