addie0208 addie0208

22-03-2021
Mathematics

contestada

Find the total amount in an account after 8 years if the
deposit was $20,000 and the simple interest rate was
2%.

Respuesta :

22-03-2021

Answer:

Step-by-step explanation:

The value of a simple interest account is

A=P(1+rt), A=present amount, P=principle, r=rate, t=time

A=20000(1+0.02(8))

A=20000(1.16)

A=$23200.00

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