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zimovet [89]
3 years ago
11

5. Mr. Rodriguez invests $2,000 in a savings plan. The savings account pays an annual interest rate of 5.75% on the amount he pu

t in at the end of each year. A. How much will Mr. Rodriguez earn if he leaves his money in the savings plan for 10 years?
Mathematics
1 answer:
slamgirl [31]3 years ago
4 0

Answer: $1150

Step-by-step explanation:

Simple interest is calculated as:

= Principal × Rate × Time

where,

Principal = $2000

Rate = 5.75%

Time = 10

Interest = 2000 × 5.75% × 10

= 2000 × 0.0575 × 10

= 1150

The amount earned will be $1150.

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