Alexa opens a savings account with a starting balance of $10,000. She will not make any additional deposits or withdrawals. The
account earns 5% simple interest. What is the total amount that Alexa will have in her account at the end of 4 years?
1 answer:
Answer:
$12,000
Step-by-step explanation:
Use the simple interest formula: P = A(1 + rt)
P = final balance (?)
A = starting balance (10,000)
r = interest rate (0.05)
t = years (4)
P = 10,000(1 + 0.05 · 4)
P = 10,000(1 + 0.2)
P = 10,000(1.2)
P = 12,000
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