We know that Ava is paying $2 dollars per week so if L is the money that she owes and t is the number of weeks, and I is the initial debt so we can write an equation like:
Now we can replace the info we have to find the value of I so:
and we solve for I
So the final equation will be:
Answer: $1100 will represent the amount after 2 years at the rate of 5%.
Step-by-step explanation:
Since we have given that
Principal amount = $1000
Rate of interest = 5%
Time period = 2 years
As we know the formula for "Simple Interest ":
And we know that
So, $1100 will represent the amount after 2 years at the rate of 5%.