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Michael is investing $2500 at his bank. The savings account he chooses earns interest at a rate of 6% annually. How much is in the account after four years?
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2 votes
Michael is investing $2500 at his bank. The savings account he chooses earns interest at a rate of 6%

annually. How much is in the account after four years?

User Tonyslowdown
by
4.6k points

1 Answer

6 votes

So

  • P=2500
  • R=6%
  • T=4years

Interest

  • I=PRT/100
  • I=2500(6)(4)/100
  • I=25(24)=$600

Amount

  • 2500+600
  • $3100
User Nanno Langstraat
by
4.7k points
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