Answer:
A=P+I . A=2000+4200 . A=6200
Step-by-step explanation:Problem
You deposit $2000 into a bank account paying 7% simple interest per year. You left the money in for 30 years. Find the interest earned and the amount at the end of those 30 years?
Result
The interest is $4200 and the amount is $6200.
Explanation
STEP 1: Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
In this examplee P = $2000, i = 7% and t = 30 years, so
I=P⋅i⋅t I=2000⋅0.07⋅30 I=4200
STEP 2: Find an amount by using the formula A=P+I.
Since P = $2000 and I = $4200 we have
A=P+I A=2000+4200 . A=6200
