SOLUTION: find the amount in a savings account that earns a simple interest rate of 4% after 3 years if $2,000.00 was initially deposited.

Question 729769: find the amount in a savings account that earns a simple interest rate of 4% after 3 years if $2,000.00 was initially deposited.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
find the amount in a savings account that earns a simple interest rate of 4% after 3 years if $2,000.00 was initially deposited.
----
A(t) = P(1+rt)
----
A(3) = 2000(1+0.04*3)
--
A(3) = 2000(1.12)
-----
A(3) = $2240,00
-------------
Cheers,
Stan H.
RELATED QUESTIONS
Find the amount in a savings account that earns a simple interest rate of 4% after 3... (answered by rfer)

Find the amount in a savings account that earns a simple interest rate of 4% after 3... (answered by rfer)

Your favorite aunt put money in a savings account for you. The account earns simple... (answered by richwmiller)

A mother wants to invest $9,000 for her son's future education. She invests a... (answered by greenestamps)

Sam has $2750.00 in a savings account that earns simple interest at a rate of 1 3/4% per... (answered by solver91311)

Suppose that an account earns 5.7% interest and after 2 years the balance is $2228. Find... (answered by ankor@dixie-net.com)

Susan invests R45 000 at a simple interest rate of 6% per year. Two years later, she adds (answered by )

The principal represents an amount of money deposited in a savings account subject to... (answered by Boreal)

The principle represents an amount of money deposited in a savings account subject to... (answered by jorel1380)