Question

Calculate the amount of money you'll have at the end of the indicated time period. You invest $3000 in an account that pays simple interest of 6% for 20 years. The amount of money you'll have at the end of 20 years is $ Enter your answer in the answer box * Type here to search

Answer 1

Answer:

$6600

Step-by-step explanation:

In order to calculate the amount of money you'll have at the end of 20 years you have to calculate first the 6% of the invested money:

6% as a fractional number is $\frac{6}{100}$

You have to multiply $3000 by $\frac{6}{100}$ to obtain the amount of money you'll get per year

$(3000)(\frac{6}{100}) = 180$ dollars

Multiplying $180 by 20 to find out the amount you'll get in 20 years

(180)(20) = $3600

So, at the end of 20 years you'll have your invest plus the amount of money you got for the simple interest

The total amount accrued at the end of 20 years is: $3000 + $3600 = $6600

Answer 2

The amount of money you'll have at the end of the indicated time period is $6600.

Given

You invest $3000 in an account that pays a simple interest of 6% for 20 years.

The amount of money you'll have at the end of 20 years.

What is the interest owed for the use of the money?

We know the formula of simple interest, substitute the values in it,

$\rm Simple \ interest = \dfrac{P\times R\times T }{100}$

Substitute all the values in the formula

$\rm Simple \ interest = \dfrac{P\times R\times T }{100}\\\\ Simple \ interest = \dfrac{3000 \times 6 \times 20}{100}\\\\ Simple \ interest =30 \times 6 \times 20\\\\ Simple \ interest =3600$

Therefore,

The amount of money you'll have at the end of the indicated time period is;

= $3600 + $3000 = $6600

Hence, the amount of money you'll have at the end of the indicated time period is $6600.

To know more about Simple interest click the link given below.

https://brainly.com/question/2793278