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Matt deposited $2000 in the bank. If the simple interest was 10%, what was the amount of money Matt had in the bank after 5 years if he made no withdrawals?

Matt deposited $2000 in the bank. If the simple interest was 10%, what was the amount of money Matt had in the bank after 5 years if he made no withdrawals?
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Matt deposited $2000 in the bank. If the simple interest was 10%, what was the amount of money Matt had in the bank after 5 years if he made no withdrawals?

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User Neven
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1 Answer

3 votes
For simple interest...

A=P+Prt this is for total balance not interest like you see A=Prt (that is only the interest earned...) anyway...

A=P(1+rt) in this case:

A=2000(1+0.1*5)

A=2000(1.5)=$3000
answered
User LiraNuna
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8.0k points
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