Question

Determine the amount of money you will have if you deposit $250,000 for 11 year at 2%

Answer 1

$\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \ 250000\\ r=rate\to 2\%\to \frac{2}{100}\dotfill &0.02\\ t=years\dotfill &11 \end{cases} \\\\\\ A=250000[1+(0.02)(11)]\implies A=250000(1.22)\implies A=305000$