Question

fred has 15000 in his savings account with an interest rate of 1.8%. assuming he doesn't add or subtract from this amount, find the estimated account balance after 22 years

Answer 1

A = $20,940

Explanation:

Interest = Principal x Rate x Time

I = prt

I = 15000(.018)(22)

I = 5940

Interest = $5,940

Total Amount = Principal + Interest

A = P + I

A = 15000 + 5940

A = 20940