Matt deposited $2000 in the bank. If the simple interest was 10%, what was the amount of money Matt had in the bank after 5 years if he made no withdrawals?

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asked Oct 17, 2018 92.4k views

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LiraNuna · Answer 1 · 2018-10-20T19:05:22+0000

For simple interest...

A=P+Prt this is for total balance not interest like you see A=Prt (that is only the interest earned...) anyway...

A=P(1+rt) in this case:

A=2000(1+0.1*5)

A=2000(1.5)=$3000

Matt deposited $2000 in the bank. If the simple interest was 10%, what was the amount of money Matt had in the bank after 5 years if he made no withdrawals?

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