Question

Find the total amount in an account after 8 years if the

deposit was $20,000 and the simple interest rate was
2%.

Answer 1

Explanation:

The value of a simple interest account is

A=P(1+rt), A=present amount, P=principle, r=rate, t=time

A=20000(1+0.02(8))

A=20000(1.16)

A=$23200.00