MATH SOLVE

4 months ago

Q:
# Calculate the amount of money you'll have at the end of the indicated time period. You invest $3000 in an account that pays simple interest of 6% for 20 years. The amount of money you'll have at the end of 20 years is $ Enter your answer in the answer box * Type here to search

Accepted Solution

A:

Answer:$6600Step-by-step explanation:In order to calculate the amount of money you'll have at the end of 20 years you have to calculate first the 6% of the invested money:6% as a fractional number is [tex]\frac{6}{100}[/tex]You have to multiply $3000 by [tex]\frac{6}{100}[/tex] to obtain the amount of money you'll get per year[tex](3000)(\frac{6}{100}) = 180[/tex] dollarsMultiplying $180 by 20 to find out the amount you'll get in 20 years(180)(20) = $3600So, at the end of 20 years you'll have your invest plus the amount of money you got for the simple interestThe total amount accrued at the end of 20 years is: $3000 + $3600 = $6600