Mathematics: $6000 invested at an APR a 4.4% for 20 years what is the balance in the account after 20 years

$6000 invested at an APR a 4.4% for 20 years what - id600044205245165, gamer67respress

Jasten

19.01.2022

The balance in the account after 20 years will be $11280.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

E = P*I*t

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

T = E + P .

In this problem

We want to find T, when P = 6000, I = 0.044, t = 20

The first step is find the earnings due to interest. So

E = P*I*t = 6000*0.044*20 = 5280

Adding to the principal to find the balance

T = E + P = 5280 + 6000 = 11280

The balance in the account after 20 years will be $11280.

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