Question

Janine opened a savings account with $2000. The account earns 0.8% simple interest annually. Find the amount in the savings account after 10 years. The amount in the account after 10 years is $

Answer 1

$2160

Explanation:

This question involves a formula about Principle, Interest and Time. Where, PRT is equal to the amount of Interest earned in a particular period of time with a set rate and principal which is the starting money used.

Using the given information in the question;

P = $2000

R = 0.8%

T = 10 yrs

I = Interest after 10 yrs being deposited

To find - Interest after 10 yrs.

I = PRT

I = ( 2000 • 0.8% • 10 )

I = ( 2000 • 0.008 • 10 )

I = $160

In summary,

The amount in the account after 10 years is $ would be $2000 + $160 which is $2160.