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19 December, 21:04

Matt deposited $2000 in the bank. If the simple interest was 10%, what was the amount of money Matt had in the bank after 5 years if he made no withdrawals?

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  1. 19 December, 21:50
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    For simple interest ...

    A=P+Prt this is for total balance not interest like you see A=Prt (that is only the interest earned ...) anyway ...

    A=P (1+rt) in this case:

    A=2000 (1+0.1*5)

    A=2000 (1.5) = $3000
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