Question

At the beginning of year 1, $18,000 is invested at an annual simple interest rate

of 3%. If no deposits or withdrawals are made, how much will be in the bank at
the beginning of year 11?

Answer 1

Answer: 5940

Explanation:

we have 18,000 in the bank with an interest of 3%

the simple interest I= prt, where p is the principal, in this case is 18,000

r is the rate, 3%, and t is the time, t=11 years

I= 18,000 * 3/100 *11=5940