Question

Calculate the amount of money you have at the end of the indicated time period.

Answer 1

Answer:

The amount of money you'll have at the end of 10 years is $2400.

Step-by-step explanation:

Here, the deposited Principal = $2000

Time = 10 years

Rate of Interest = 2%

Now, as we know:

$\textrm{SIMPLE INTEREST} = \frac{{P \times R \times T}}{{100}}\\\implies SI = \frac{2000 \times 2 \times 10}{100} = 400$

or, SI = $400

Now, AMOUNT = SIMPLE INTEREST  + PRINCIPAL

or, A = $400 + $20000 = $2400

or, A = $2400

Hence, The amount of money you'll have at the end of 10 years is $2400.