Jessica's grandparents gave her $2000 for college to put in a savings account until she starts college in four years. Her grandp arents agreed to pay her an additional 7.5% simple interest on the $2000 for every year. How much extra money will her grandparents give her at the end of four years?
1 answer:
Answer:
The correct answer to the following question will be "$600 ".
Step-by-step explanation:
The given values are:
Principal, P = $2000
Rate of interest, r = 7.5%
After changing percentage into decimal, we get
r = 0.075
Time, t = 4
As we know,
On putting the given values in the above formula, we get
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Step-by-step explanation:
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