Question

Tyreese invests $750 in an account that pays 3.8% simple annual interest. if he keeps the money in the account for 10 years, what will be the total value of the account?

Answer 1

The total value of Tyreese's account after 10 years will be $1,035.

Step-by-step explanation:

To find the total value of the account, we can use the formula: A = P(1 + rt), where A is the total value, P is the principal (the initial amount invested), r is the interest rate per period, and t is the number of periods. In this case, P = $750, r = 3.8% (0.038), and t = 10 years.

Substituting the values into the formula, we get: A = $750(1 + 0.038 * 10) = $750(1.38) = $1,035.

Therefore, the total value of the account after 10 years will be $1,035.