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Jenelle invests $8,000 at 3% simple interest for 48 years. How much is in the account at the end ofthe 48 year period? Round your answer to the nearest cent.Answer: $Submit Question

Jenelle invests 8000 at 3 simple interest for 48 years How much is in the account at the end ofthe 48 year period Round your answer to the nearest centAnswer Su class=

Respuesta :

Given

Principal = $8,000

Rate = 3%

Time = 48 years

Find

Amount at the end of the 48 years

Explanation

Amount = Simple interest + Principal

Simple Interest is given by

[tex]S.I=\frac{P\times R\times T}{100}[/tex]

now substitute the values ,

[tex]\begin{gathered} S.I=\frac{8000\times3\times48}{100} \\ \\ S.I=11520 \end{gathered}[/tex]

amount = 11,520 + 8000 = $19,520.00

Final Answer

Therefore , the amount at the end of the 48 years will be $19,520.00