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2 March, 18:55

You invest $2000 in an account at 4.5% per year simple interest. How much will you have in the account at the beginning of the 8th year? Round your answer to the nearest whole dollar.

A. $2560

B. $2640

C. $2720

D. $2630

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Answers (1)
  1. 2 March, 19:08
    0
    answer is 2720

    solution below

    First, converting R percent to r a decimal

    r = R/100 = 4.5%/100 = 0.045 per year.

    solving our equation:

    A = 2000 (1 + (0.045 * 8)) = 2720

    A = $2,720.00

    the total amount accrued, principal plus interest, from simple interest on a principal of $2,000.00 at a rate of 4.5% per year for 8 years is $2,720.00
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