she made $2,000 on a summer job and put it in a bank account paying simple interest of 5% annually,if she let's her money earn interest for 10 years how much will she have
To calculate the final amount, we need to apply the formula for simple interest:
Final amount = Principal (1 + interest rate * time)
Given that the principal (initial amount) is $2000, the interest rate is 5% (0.05 in decimal form), and the time is 10 years, we can write the equation as follows:
Final amount = $2000 (1 + 0.05 * 10)
Final amount = $2000 (1 + 0.5)
Final amount = $2000 * 1.5
Final amount = $3000
After 10 years, she will have $3000 in her bank account.