Balance amount in Jermaine account after 40 years is equals to $9200.
What is simple interest?
" Simple interest is the process of calculating amount of interest given on the principal amount at the rate of interest over period of time."
Formula used
S.I. = = (P × R × T) / 100
S.I.= Simple Interest
P = Principal amount
R = Rate of interest
T = Time
Total amount = P + S.I.
According to the question,
Given
P = $2000
R = 9%
T = 40 years
Substitute the given values in the formula we have,
Simple Interest = (2000 × 9 × 40) / 100
= $7200
Total balance amount after 40 years = $2000 + $ 7200
= $9200
Hence, balance amount after 40 years is equals to $9200.
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