Question

Maya has savings of $60,000. She invests in a bond mutual fund that pays 4% interest each year. Ignoring compounding, what are Maya's total savings after 20 years?

Answer 1

Total saving is $ 108,000

Explanation:

Data :

Saving = $60,000

Interest = 4%

Time = 20 years

First we need to find 4% of 60000

(60000×4)÷100 = 2400

Total interest 2400×20 =48000

Now add saving and total interest

60000 + 48000 = 108000

Answer 2

Below.

Explanation:

0.04x20 =0.8 or 80 percent.

80 percent of six thousand is 4800+6000 = 10,800