if you invest 2000 in an acount for 20 years that pays 6% simple intrest.how much money would you have at the end?
I = PRT
I = 2,000 * 0.06 * 20
I = ?
Add the interest to the principal to find the total.
To calculate the amount of money you would have at the end of 20 years with a 6% simple interest rate on a $2000 investment, you can use the formula:
A = P(1 + rt)
Where:
A = the final amount
P = the initial principal (investment)
r = the annual interest rate (in decimal form)
t = the number of years
Let's substitute the given values into the formula:
P = $2000
r = 6% = 0.06 (decimal form)
t = 20 years
A = 2000(1 + 0.06 * 20)
A = 2000(1 + 1.2)
A = 2000(2.2)
A = $4400
Therefore, at the end of 20 years, you would have $4400 in the account.