To calculate the total amount Tenille will have after 10 years with simple interest, we can use the formula for simple interest:
\[ A = P + I \]
where:
- \( A \) is the total amount after interest,
- \( P \) is the principal amount (initial amount), and
- \( I \) is the interest earned.
The interest earned can be calculated using the formula:
\[ I = P \times r \times t \]
where:
- \( I \) is the interest,
- \( P \) is the principal amount,
- \( r \) is the annual interest rate (in decimal form), and
- \( t \) is the time (in years).
In this case:
- \( P = 2000 \)
- \( r = 5% = 0.05 \)
- \( t = 10 \)
Now, we can calculate the interest:
\[ I = 2000 \times 0.05 \times 10 = 2000 \times 0.5 = 1000 \]
Now, we can find the total amount \( A \):
\[ A = P + I = 2000 + 1000 = 3000 \]
So, after 10 years, Tenille will have $3,000.