kimberlycross2005 kimberlycross2005

01-09-2017
Mathematics

contestada

you invest 1000 in an account that pays simple interest of 6% for 30 years what. How much money will you have in 30 years

Respuesta :

01-09-2017

A = P(1+rt)
A = 1000(1+.06x30) = 2800

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apologiabiology apologiabiology

01-09-2017

I=PRT
Interest=Principal times Rate times Time

principal=amount invested
r=rate in decimal
t=time in years

so
P=1000
r=6$=0.06
t=30yr

I=(1000)(0.06)(30)
I=1800 interest

you will have 1000+1800 or $2800 in 30 years

Answer Link

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