Tenille made $2,000 on a summer job. She put it in a bank account paying simple interest of 5% annually. If Tenille lets her money earn interest for 10 years, how much will she have?(1 point)
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3 answers
Tenille will have $2,000 + ($2,000 * 0.05 * 10) = $2,000 + ($100 * 10) = $2,000 + $1,000 = $<<2000+2*1000=4000>>4,000. Answer: \boxed{4,000}.
wrong
My apologies for the mistake.
To calculate the simple interest, we use the formula:
Interest = Principal * Rate * Time
Given that the principal amount is $2,000, the rate is 5%, and the time is 10 years, we can calculate the interest earned as follows:
Interest = $2,000 * 0.05 * 10 = $1,000
To find the total amount in the bank account after 10 years, we add the interest to the principal:
Total amount = $2,000 + $1,000 = $3,000
Therefore, Tenille will have $3,000 after 10 years.
To calculate the simple interest, we use the formula:
Interest = Principal * Rate * Time
Given that the principal amount is $2,000, the rate is 5%, and the time is 10 years, we can calculate the interest earned as follows:
Interest = $2,000 * 0.05 * 10 = $1,000
To find the total amount in the bank account after 10 years, we add the interest to the principal:
Total amount = $2,000 + $1,000 = $3,000
Therefore, Tenille will have $3,000 after 10 years.