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You have savings of 30,000. You invest in a bond mutual fund that pays 3% simple interest. What are your total savings after 20 years?

You have savings of 30,000. You invest in a bond mutual fund that pays 3% simple interest. What are your total savings after 20 years?
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5 votes
You have savings of 30,000. You invest in a bond mutual fund that pays 3% simple interest. What are your total savings after 20 years?

User Uranus
by
8.2k points

1 Answer

4 votes

Answer:

54,183.34

Explanation:

a = 30,000(1.03)²⁰

a = 54,183.34

User Juan Pablo Califano
by
8.5k points
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