Juan invest $3700 in a simple interest account at a rate of 4% for 15 years

The interest earned is $2,220 and the value of the account is $5920 .

Simple interest is when the interest rate is earned on only the amount invested and not on interest earned.

The formula for determining simple interest is: principal x time x rate

$3700 x 4% x 15

$3700 x 0.04 x 15 = $2,220.

The total value of his account = $2220 + $3700 = $5920

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Question:

Juan Invest $3700 In A Simple Interest Account At A Rate Of 4% For 15 Years. How Much Money Will Be In The Account After 15 Years?

There will be $ 5920 in account after 15 years

Solution:

The simple interest is given by formula:

Where,

p is the principal

n is number of years

r is rate of interest

From given,

p = 3700

r = 4 %

t = 15 years

Therefore,

How Much Money Will Be In The Account After 15 Years?

Total money = principal + simple interest

Total money = 3700 + 2220

Total money = 5920

Thus there will be $ 5920 in account after 15 years

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