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.

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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) About Me  (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.
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A(t) = P(1+rt)
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A(3) = 2000(1+0.04*3)
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A(3) = 2000(1.12)
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A(3) = $2240,00
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Cheers,
Stan H.