Answer:
C
Step-by-step explanation:
the formula for simple interest is given as A=P(1+rt), where A is the final balance, P is the initial principal balance (the amount of money that you start out with), r is the annual interest rate, and t is the time
we know that the mom deposited 2000 into an account when the person was born. This is our initial principal balance (the amount of money started out with)
substitute that value into the formula to get:
A=2000(1+rt)
we also know the rate, which is 5% and the time, which is 18
5%=0.05 (we need it as a decimal)
so substituting the values into the equation:
A=2000(1+0.05*18)
A=2000(1+0.9)
A=2000(1.9)
A=3,800
therefore the answer is C
Hope this helps!
