2 years ago

You have invested $2000 at 3.75% annual interest. How much money do you have after 20 years?

Mathematics

1 answer:

lbvjy [14]2 years ago

6 0

Answer:

$3500

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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