Alewuya invests $3,000 at 2% simple interest for 1 year. How much is in the account at the end of the 1 year period? Answer: $
Alewuya invests $3,000 at 2% simple interest for 1 year. How much is in the account at the end of the 1 year period? Answer: $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
![### Investment Problem
**Problem Statement:**
Alewuya invests $3,000 at 2% simple interest for 1 year. How much is in the account at the end of the 1-year period?
---
**Solution:**
To find out how much will be in the account at the end of the year, you can use the formula for simple interest:
\[ \text{Simple Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \]
Where:
- Principal (P) = $3,000
- Rate (R) = 2% or 0.02
- Time (T) = 1 year
1. Calculate the simple interest:
\[ \text{Simple Interest} = 3000 \times 0.02 \times 1 = 60 \]
2. Add the simple interest to the principal to find the total amount:
\[ \text{Total Amount} = \text{Principal} + \text{Simple Interest} = 3000 + 60 = 3060 \]
---
**Answer:** $3,060](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e8ca5a6-77b3-4f88-a5f3-282372d2c0e0%2F7774399c-53a0-4b0b-96cb-70865c03ef0c%2F57a00e3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Investment Problem
**Problem Statement:**
Alewuya invests $3,000 at 2% simple interest for 1 year. How much is in the account at the end of the 1-year period?
---
**Solution:**
To find out how much will be in the account at the end of the year, you can use the formula for simple interest:
\[ \text{Simple Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \]
Where:
- Principal (P) = $3,000
- Rate (R) = 2% or 0.02
- Time (T) = 1 year
1. Calculate the simple interest:
\[ \text{Simple Interest} = 3000 \times 0.02 \times 1 = 60 \]
2. Add the simple interest to the principal to find the total amount:
\[ \text{Total Amount} = \text{Principal} + \text{Simple Interest} = 3000 + 60 = 3060 \]
---
**Answer:** $3,060
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