Question

john puts $7500 into a savngs acount. he earns a simple interest rate of 4%. if he leaves the money in the account for 6 years, what is the total amount of money john will have in the savings account after 6 years

Answer 1

To calculate the total amount of money John will have in his savings account after 6 years with a simple interest rate of 4%, multiply the principal by the rate and the time, then add it to the principal.

Step-by-step explanation:

To calculate the total amount of money John will have in his savings account after 6 years with a simple interest rate of 4%, we can use the formula:

Total = Principal + (Principal x Rate x Time)

Substituting the given values: Principal = $7500, Rate = 4%, Time = 6 years:

Total = $7500 + ($7500 x 0.04 x 6) = $7500 + $1800 = $9300.

So, John will have a total of $9300 in his savings account after 6 years.