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Alex17521 [72]
2 years ago
13

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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