Question #21510

matt deposited 2,000.00 in a bank. If the rate of simple interest was 10%, what amount of money matt had in the bank after 5 years if he made no withdrawals

Expert's answer

The simple interest of the principal p=2000 and interestrate i=10% for n=5 years is equal to p * i * n = 2000 * 0.1 * 5 = 1000

Hence after 5 years Matt will have in the bank

2000 + 1000 =3000

Hence after 5 years Matt will have in the bank

2000 + 1000 =3000

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