You have invested $2000 at 3.75% annual interest.
How much money do you have after 20 years?
1 answer:
Answer:
Step-by-step explanation:
<u>Let's use PRT/100 to see what will be the total amount.</u>
- Total amount = Interest + Principle
<u>Solution:</u>
- PRT/100 = Interest
- => 2000 x 3.75 x 20 years/100
- => 20 x 3.75 x 20 = Interest
- => 2 x 2 x 375 = Interest
- => 4 x 375 = Interest
- => 1500 = Interest
- => Total amount = 1500 + 2000
- => Total amount = $3500
Hence, after 20 years, the amount earned is $3500.
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