Question

You have $40 in your savings your interest rate is 10% how much will you have in 2 years

Answer 1

By 2 years, you will have a total of $48.00 in your savings account, assuming you don't withdraw the money from the bank.

Explanation:

Formula:

Simple Interest = Interest Rate x Principal Balance

8 = 0.20 x 40

Add principal balance and simple interest and you get $48.

*I multiplied 0.20 because you wanted two years' worth of interest.