Question

A) Tenille made $2,000 on a summer job. She put it in a bank account paying simple interest of 5% annually. If Tenille lets her money eam interest for 10 years, how much will she have? ​

Answer 1

Tenille will have $3,000 after 10 years with a simple interest rate of 5%.

Step-by-step explanation:

To calculate the amount Tenille will have after 10 years with a simple interest rate of 5%, we use the formula:

Final Amount = Principal + (Principal x Interest Rate x Time)

Given that Tenille made $2,000 and she lets it earn interest for 10 years, we can substitute the values into the formula:

Final Amount = $2,000 + ($2,000 x 0.05 x 10)

Simplifying the equation gives:

Final Amount = $2,000 + $1,000

Final Amount = $3,000

Therefore, after 10 years, Tenille will have $3,000.