Answer:
$2,120
Step-by-step explanation:
Simple interest formula
A = P(1 + rt)
where:
- A = final amount
- P = principal
- r = interest rate (in decimal form)
- t = time (in years)
Given:
- P = $2000
- r = 6% = 0.06
- t = 1 year
Substitute the given values into the formula and solve for A:
⇒ A = 2000(1 + 0.06(1))
⇒ A = 2000(1.06)
⇒ A = 2120
Therefore, there will be $2,120 in the account at the end of the 1 year period.
