Jermaine earned %2000 during the summer. He plans to put the money in a avings account and leave it for 40 years. The account will earn 9% simple interest annually. What will the balance be after 40 years?
To calculate the balance after 40 years, we first need to calculate the amount of interest earned each year.
9% of $2000 is $180. The total amount earned each year will be $180.
After 40 years, the total interest earned will be $180 * 40 = $7200.
So, the total balance after 40 years will be the sum of the initial amount and the interest earned:
$2000 + $7200 = $9200.
Therefore, the balance after 40 years will be $9200.