To calculate the total amount of money 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 (the initial amount of money),
- \(I\) is the interest earned.
The interest \(I\) can be calculated using the formula:
\[ I = P \times r \times t \]
where:
- \(r\) is the annual interest rate (expressed as a decimal),
- \(t\) is the time the money is invested or borrowed for, in years.
In this case:
- \(P = 2000\) (the initial amount),
- \(r = 0.05\) (5% annual interest rate),
- \(t = 10\) (the number of years).
Now we can calculate the interest:
\[ I = 2000 \times 0.05 \times 10 \]
Calculating this:
\[ I = 2000 \times 0.5 = 1000 \]
Next, we can find the total amount \(A\):
\[ A = P + I = 2000 + 1000 = 3000 \]
Thus, after 10 years, Tenille will have $3,000.