Question

Jenelle invests $8,000 at 3% simple interest for 48 years. How much is in the account at the end ofthe 48 year period? Round your answer to the nearest cent.Answer: $Submit Question

Answer 1

Given

Principal = $8,000

Rate = 3%

Time = 48 years

Find

Amount at the end of the 48 years

Step-by-step explanation

Amount = Simple interest + Principal

Simple Interest is given by

`S.I=(P* R* T)/(100)`

now substitute the values ,

`\begin{gathered} S.I=(8000*3*48)/(100) \\ \\ S.I=11520 \end{gathered}`

amount = 11,520 + 8000 = $19,520.00

Final Answer

Therefore , the amount at the end of the 48 years will be $19,520.00