Matt deposited $2000 in the bank. If the simple interest was 10%, what was the amount of money Matt had in the bank after 5 years if he made no withdrawals?
Mathematics · Middle School · Tue Nov 03 2020
Answered on
Tha amount of money that matt received by bank after 5 years is = 3000$
Explanation : For calculate this first we have to find the simple interest on the amount
Simple interest = P * R * T / 100
P = Principal that is : 2000 $
R = Rate of interest that is : 10%
T = Time of period that is : 5 years
so , apply all the values in the formula then : 2000 * 10 * 5 = 1,00,000
Now divide this value by 100 : 1,00,000 / 100 = 1,000
The interest that bank pays to matt on 2000$ for 5 years is = 1000$
After 5 years matt received money by bank is = 2000$ + 1000$ = 3000$