Question

Brianca opens a bank account with $16,000. They earn 3% interest annually.

What will the value of the account be after 10 years?
The value will be: $

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$16000\\ r=rate\to 3\%\to (3)/(100)\dotfill &0.03\\ t=years\dotfill &10 \end{cases} \\\\\\ A=16000[1+(0.03)(10)] \implies A=16000(1.3)\implies A = 20800`