Robin saves $500 at a yearly simple interest rate of 4%. What is the total amount of
money she has after 20 years?
To calculate the total amount of money Robin has after 20 years, we use the formula for calculating simple interest:
Total amount = Principal + (Principal * rate * time)
Total amount = $500 + ($500 * 0.04 * 20)
Total amount = $500 + ($500 * 0.8)
Total amount = $500 + $400
Total amount = $900
Therefore, after 20 years, Robin will have a total amount of $900.