Respuesta :
Question:
Juan Invest $3700 In A Simple Interest Account At A Rate Of 4% For 15 Years. How Much Money Will Be In The Account After 15 Years?
Answer:
There will be $ 5920 in account after 15 years
Solution:
The simple interest is given by formula:
[tex]S.I = \frac{p \times n \times r }{100}[/tex]
Where,
p is the principal
n is number of years
r is rate of interest
From given,
p = 3700
r = 4 %
t = 15 years
Therefore,
[tex]S.I = \frac{3700 \times 4 \times 15 }{100}\\\\S.I = 37 \times 4 \times 15\\\\S.I = 2220[/tex]
How Much Money Will Be In The Account After 15 Years?
Total money = principal + simple interest
Total money = 3700 + 2220
Total money = 5920
Thus there will be $ 5920 in account after 15 years
The interest earned is $2,220 and the value of the account is $5920 .
Simple interest is when the interest rate is earned on only the amount invested and not on interest earned.
The formula for determining simple interest is: principal x time x rate
$3700 x 4% x 15
$3700 x 0.04 x 15 = $2,220.
The total value of his account = $2220 + $3700 = $5920
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