Question

3. A bank is offering 3.5% simple interest on a savings account. If you deposit $12,000, how much interest will you earn in two years.

Answer 1

Respuesta:

Explicación paso a paso:

Capital inicial: $Co = 12,000$

Tasa de interes: $i$ = 3.5% = 0.035

Tiempo: n = 2 años.

Capital final: $Cf=?$

Interés simple: I = ?

$I = Co*i*n$

$I = 12000*0.035*2$

$I = 840$

$Capital-final: Cf =?$

$Cf = Co ( 1 + (i*n ))$

$Cf = 12000 (1+(0.035*2)) = 12000( 1+0.07)$

$Cf = 12000( 1.07)$

$Cf = 12840$