Answered

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Calculate the amount of money​ you'll have at the end of the indicated time​ period, assuming that you earn simple interest. You deposit ​$3400 in an account with an annual interest of 4.5 ​% for 20years. The amount of money​ you'll have at the end of the years is

Sagot :

Answer:

The amount of money​ you'll have at the end of the years is 6460 dollars

Step-by-step explanation:

The total principal sum of money deposited = [tex]3400[/tex] dollars

The annual rate of interest is [tex]4.5[/tex] %

The time period for which the amount is invested [tex]= 20[/tex] years

As we know

[tex]A = P (1 + rt)[/tex]

where A is the amount after 20 years

P is the principal sum of money

r is the rate of interest and

t is time period in years

Substituting the given values in above equation, we get -

[tex]A = 3400 (1 + \frac{4.5}{100} * 20)\\A = 6460[/tex]dollars

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