Question

Tulio will invest​ $1,000,000 at​ 5% annual interest. Determine how much money will Tulio have after 10 years if the interest is calculated using the following methods.

Answer 1

$1,500,000

Explanation:

Given

Principal = $1,000,000

Rate = 5%

Time = 10years

Interest = PRT/100

Interest = 1000000*5*10/100

Interest = 100000*5

Interest = $500,000

Amount after 10years = $1,000,000+ $500,000

Amount after 10years = $1,500,000