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

Principal amount of money deposited by Mat in the bank = $2000

Rate of simple interest given by the bank = 10%

Number of years for which the money is kept in the bank = 5 years

As no money was withdrawn from the account, so

Amount after 5 years = Principal [1 + (Rate * Time) ]

= 2000 [ 1 + (10/100) * 5]

= 2000 [ 1 + (1/2) ]

= 2000 * (3/2)

= 1000 * 3

= 3000 dollars

So the amount of money made by Mat after 5 years will be $3000.00