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bezimeni [28]
3 years ago
13

mat deposited $2,000.00 in the bank. if the rate of simple interest was 10%, what was the amount of money mat had in the bank af

ter 5 years if he made no withdrawals
Mathematics
1 answer:
Mekhanik [1.2K]3 years ago
8 0
Principal amount of money deposited by Mat in the bank = $2000
Rate of simple interest given by the bank = 10%
Number of years for which the money is kept in the bank = 5 years
As no money was withdrawn from the account, so
Amount after 5 years = Principal [1 + (Rate * Time)]
                                  = 2000 [ 1 + (10/100) * 5]
                                  = 2000 [ 1 + (1/2)]
                                 = 2000 * (3/2)
                                 = 1000 * 3
                                 = 3000 dollars
So the amount of money made by Mat after 5 years will be $3000.00
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