Question

A person puts $5,000 in the bank for 10 years. The receive a simple interest rate of 3.6%

interest. What is the total amount of money they have in the bank after ten years? Use: I=prt
w

Answer 1

$ 7,121.44

Explanation:

A = P + I where

P (principal) = $ 5,000.00

I (interest) = $ 2,121.44