Question

Please i need help so bad

Dilbert invests $2,000 at 6% simple interest for 1 year. How much is in the account at the end of the 1 year period?

Answer 1

$2,120

Explanation:

Simple interest formula

A = P(1 + rt)

where:

• A = final amount
• P = principal
• r = interest rate (in decimal form)
• t = time (in years)

Given:

• P = $2000
• r = 6% = 0.06
• t = 1 year

Substitute the given values into the formula and solve for A:

⇒ A = 2000(1 + 0.06(1))

⇒ A = 2000(1.06)

⇒ A = 2120

Therefore, there will be $2,120 in the account at the end of the 1 year period.