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20 April, 06:08

You invest $4000 in an account that pays simple interest of 4% for 10 years. how much will you have in 10 years?

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Answers (2)
  1. 20 April, 09:17
    0
    Annual interest - 4%

    interest in 1 year

    (4/100) * 4000

    160

    interest in 10 years

    160 * 10

    1600

    So the amount you have at the end of 10 years

    4000 + 1600

    $ 5600
  2. 20 April, 09:29
    0
    I=PRT

    find interst earned total and add to 4000

    I=PRT

    interest=principal times rate times time in years

    principal=4000

    rate=0.04

    time in years=100

    I=4000*0.04*10

    I=1600 earned

    add to total

    4000+1600=$5600
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