When Frederick was born, his grandparents gave hima a gift of $2000, which was invested at a simple interest rate of 5% per year. How much money will Frederick have when he can collect the monet at the age of 18? ( Assume no money is added to the account besides the interest.)
2 answers
2000(1+.05*18)
(1 + (nr)/(100))(\$2000) = 3800
1 answer