In three years he will have been earned $2150
Step-by-step explanation:
The formula of the simple interest is A = P(1 + rt), where:
- A is Total Accrued Amount (principal + interest)
- P is Principal Amount
- r is Rate of Interest per year in decimal
- t is Time Period involved in months or years
Mr.Dub has $2000 in his money market account. It earns simple interest at 2.5%. We need to find in three years how much money he will have been earned
∵ Mr.Dub has $2000 in his money market account
∴ P = 2000
∵ The simple interest is 2.5%
∴ r = 2.5% = 2.5 ÷ 100 = 0.025
∵ This will be for 3 years
∴ t = 3
- Substitute all of these values in the formula above
∵ A = 2000[1 + 0.025(3)]
∴ A = 2000[1 + 0.075]
∴ A = 2000[1.075]
∴ A = 2150
In three years he will have been earned $2150
Learn more:
You can learn more about interest in brainly.com/question/11149751
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