Question

Calculate the amount of money​ you'll have at the end of the indicated time period. You invest ​$4000 in an account that pays simple interest of 2​% for 30 years.

Answer 1

$~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \ 4000\\ r=rate\to 2\%\to \frac{2}{100}\dotfill &0.02\\ t=years\dotfill &30 \end{cases} \\\\\\ A=4000[1+(0.02)(30)]\implies A=4000(1.6)\implies A=6400$