You invest $4000 in an account that pays simple interest of 4% for 10 years. how much will you have in 10 years?

Question

Mathematics

Hogan

18 July, 15:34

You invest $4000 in an account that pays simple interest of 4% for 10 years. how much will you have in 10 years?

+2

Answers (2)

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Aldo Blanchard · Answer 1

Annual interest - 4%

interest in 1 year

(4/100) * 4000

160

interest in 10 years

160 * 10

1600

So the amount you have at the end of 10 years

4000 + 1600

$ 5600

Alejandro Cisneros · Answer 2

I=PRT

find interst earned total and add to 4000

I=PRT

interest=principal times rate times time in years

principal=4000

rate=0.04

time in years=100

I=4000*0.04*10

I=1600 earned

add to total

4000+1600=$5600