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

Question

2 years ago

11

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?

1 answer:

slamgirl [31] · Answer 1 · 2022-07-05T22:34:10+03:00

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.