Answered

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Vernon deposited $2,000 after 1 month the interest was computed at annual rate of 6%. How much simple interest did the money earn

Sagot :

Polyblock

Answer:

$10

Step-by-step explanation:

We're gonna use the simple interest formula: A = P(1 + rt)

A = Final amount (?)

P = Starting amount (2000)

r = rate (0.06)

t = number of years (1/12 since it's been 1 month out of a year)

A = 2000(1 + 0.06(1/12))

A = 2000(1 + 0.005)

A = 2000(1.005)

A = 10

lSuckAtLife

A = 1 + 0.06(1/12) x 2000

2000(1 + 0.005)

A = 2000(1 + 0.005) 

A = 2000(1 + 0.005)

A equals 2000 (1.005)

A = 10

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