Question

Theodore invested $19,000 at 11% simple interest for 1 year. How much is in the account at the end of the 1 year period

Answer 1

There is $21 090 in the account.

After 1 yr, the account will gain 11 % interest.

Interest = $19 000 × 0.11 = $2090

Account = Principal + interest = $19 000 + $2090 = $21 090