Country bank pays a simple interest rate of 4% per year. A student plans to invest 5000. How much money will the student have at the end of 6 years

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Jrsala asked Jun 12, 2022

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Country bank pays a simple interest rate of 4% per year. A student plans to invest 5000. How much money will the student have at the end of 6 years

Mathematics
high-school

Jrsala asked Jun 12, 2022

by Jrsala

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11 votes

Answer:

$6200

Explanation:

Given data

Rate= 4%

Principal=$5000

Time = 6 years

The simple interest formula is

A=P(1+rt)

substitute

A=5000(1+0.04*6)

A= 5000(1+0.24)

A=5000*1.24

A=$6200

Tim Kane answered Jun 18, 2022

by Tim Kane

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