Answer to Question #21510 in Algebra for alia

Question

matt deposited 2,000.00 in a bank. If the rate of simple interest was 10%, what amount of money matt had in the bank after 5 years if he made no withdrawals

Answer 1

The simple interest of the principal p=2000 and interestrate i=10% for n=5 years is equal to p * i * n = 2000 * 0.1 * 5 = 1000
Hence after 5 years Matt will have in the bank
2000 + 1000 =3000