Vernon deposited $2,000 after 1 month the interest was computed at annual rate of 6%. How much simple interest did the money ear

Question

2 years ago

10

n

2 answers:

erastova [34] · Answer 1 · 2023-03-04T01:05:32+03:00

5 0

A = 1 + 0.06(1/12) x 2000

2000(1 + 0.005)

A = 2000(1 + 0.005)

A equals 2000 (1.005)

A = 10

TEA [102] · Answer 2 · 2023-03-03T23:56:36+03:00

Answer:

$10

Step-by-step explanation:

We're gonna use the simple interest formula: A = P(1 + rt)

A = Final amount (?)

P = Starting amount (2000)

r = rate (0.06)

t = number of years (1/12 since it's been 1 month out of a year)

A = 2000(1 + 0.06(1/12))

A = 2000(1 + 0.005)

A = 2000(1.005)

A = 10