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12 August, 20:17

Monique opens a savings account with $500. the simple interest rate is 4%, calculated annually. how much money will she have in her account after 30 years, Assuming she does not touch the money during that time frame?

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  1. 12 August, 21:34
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    500 times 0.04 (4%) to find out how much she will earn in a year

    500 times 0.04 is 20

    Thus, she will earn 20 per year

    now 20 times 30 years is 600.

    Finally 600 + 500 is 1100. which means she would have 1100 dollars after 30 years
  2. 12 August, 23:30
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    Solutions

    We know that Monique opens a savings account with $500. the simple interest rate is 4%, calculated annually.

    Our first step to solve this problem will be to convert 4% to decimal.

    4% = 0.04

    500 * 0.04 = how much she will earn in a year

    500 * 0.04 = 20

    Monique will earn $20 per year.

    Since we are looking at how much money will she have in her account after 30 years, we have to multiply 20 by 30.

    20 * 30 = 600.

    Add everything up

    600 + 500 is 1100.
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