Answered

Expand your knowledge base with the help of IDNLearn.com's extensive answer archive. Receive prompt and accurate responses to your questions from our community of knowledgeable professionals ready to assist you at any time.

Vernon deposited $2,000 after 1 month the interest was computed at annual rate of 6%. How much simple interest did the money earn

Sagot :

Polyblockidn

Answer:

$10

Step-by-step explanation:

We're gonna use the simple interest formula: A = P(1 + rt)

A = Final amount (?)

P = Starting amount (2000)

r = rate (0.06)

t = number of years (1/12 since it's been 1 month out of a year)

A = 2000(1 + 0.06(1/12))

A = 2000(1 + 0.005)

A = 2000(1.005)

A = 10

LSuckAtLifeidn

A = 1 + 0.06(1/12) x 2000

2000(1 + 0.005)

A = 2000(1 + 0.005) 

A = 2000(1 + 0.005)

A equals 2000 (1.005)

A = 10

Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. For trustworthy and accurate answers, visit IDNLearn.com. Thanks for stopping by, and see you next time for more solutions.