Question

mr. Rodriguez invest $2,000 in a savings plan the savings account pays an annual interest rate of 5.75 how much will mr. Rodriguez earn if he leave his money in the savings plan for 10 years (55 POINTS) PLZ HELP!!!!

Answer 1

Alright. The formula for simple interest is prt, where p = principal (initial amount), r = rate (interest rate) and t = time (could be in months or years). So we know that $2,000 is invested in a savings plan. The interest rate is 5.75% and we are looking for the amount of interest in 10 years. We will multiply $2,000 by 5.75% (0.0575). 2,000 * 0.0575 is 115. That's $115 earned in 1 year. Now, multiply that number by 10 to find the amount of interest earned, because we are looking for the amount after 10 years. 115 * 10 is 1,150. There. Mr. Rodriguez will earn $1,150 in interest in 10 years.

Answer 2

Mr. Rodriguez invest *$2,000 in a savings plan the savings account pays an annual interest **rate of 5.75 how much will Mr. Rodriguez earn if he leave his money in the savings plan for ***10 years?

The bolded parts have a certain number of stars before it. That correlates with the below:


The equation is I = P * R * T

I = interet

* P = pay

**R = rate

***T = time (measured in years)


The pay is $2000

The rate is 5.75%

The time is 10 years.

You need to convert the rate into a decimal.


5.75% = 0.0575

2000 * 0.0575 * 10 = 1150


The answer is $1150

After 10 years, Mr. Rodriguez will have earned $1,150


Hope I helped!

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~ Zoe