Can someone solve this problem and show me how to solve it?
1 answer:
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<em><u>Question:</u></em>
Juan Invest $3700 In A Simple Interest Account At A Rate Of 4% For 15 Years. How Much Money Will Be In The Account After 15 Years?
<em><u>Answer:</u></em>
There will be $ 5920 in account after 15 years
<em><u>Solution:</u></em>
<em><u>The simple interest is given by formula:</u></em>
Where,
p is the principal
n is number of years
r is rate of interest
From given,
p = 3700
r = 4 %
t = 15 years
Therefore,
<em><u>How Much Money Will Be In The Account After 15 Years?</u></em>
Total money = principal + simple interest
Total money = 3700 + 2220
Total money = 5920
Thus there will be $ 5920 in account after 15 years