Question

Camden‘s grandparents open a savings account for his on his fifth birthday. They deposited money sign five grand in account that had simple interest rate of 6%. Camden leaves his money in the count for 18 years. What formula would you use to solve this problem?

Answer 1

Answer:

The amount available after 18 years = 10400.

The Simple interest formula = PNR/100

Total amount = Principal amount + Interest

Step-by-step explanation:

The money deposited in the bank = 5000

Rate of interest = 6%

Number of years = 18

By simple interest Formula,

Interest = PNR / 100

Where P is the principal amount = 5000

N = no of years = 18

R =rate of interest = 6

Substituting the values in the equation, we get

Interest = (5000 * 18 * 6) / 100

Interest = 5400

total amount present = principal + interest

  = 5000 + 5400 = 10400