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

Question

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

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Josie 3 weeks 2021-11-17T12:20:11+00:00 1 Answer 0 views 0

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    2021-11-17T12:21:48+00:00

    Answer:

    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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