Suppose you deposit 2000 in a savings account that pays interest at an annual rate of 4%. if no money is added or withdrawn determine how much will be in the account after 3 years.

2,240 dollars.

Step-by-step explanation:

Given is the Principal amount invested as P = 2,000 dollars.

Given is the Rate of Interest as R = 4% = 0.04

Given is the Time period of investment as T = 3 years.

We know the simple interest formula is given as follows:-

Simple Interest = Principal amount x Rate of interest x Time.

S.I. = P*R*T = 2000 x 0.04 x 3 = 240 dollars.

Account Balance = Principal amount + Interest amount.

Balance = 2000 + 240 = 2,240 dollars.

Hence, the account balance after 3 years would be 2,240 dollars.

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