Question

=> P.12 Simple interest E7Y

Hansen has $80,000 in a savings account. The interest rate is 15% per year and is not
compounded. How much will he have in total in 2 years?
have in tota

Answer 1

Hansen will have $104,000 in total in 2 years.

Step-by-step explanation:

To calculate the total amount in the savings account after 2 years, we can use the formula for simple interest:

Total amount = Principal + (Principal * Interest Rate * Time)

Plugging in the given values, we have: Total amount = $80,000 + ($80,000 * 0.15 * 2) = $80,000 + $24,000 = $104,000.

Learn more about Calculating total amount in a savings account after a specified time