Problema Solution
If P dollars are invested at a simple interest rate r (in decimals), the amount A that will be available after t years is A=P+Prt. Find the total amount in an account if $1,000 is invested at 10.2% simple interest for 2 years.
Answer provided by our tutors
If P dollars are invested at a simple interest rate r (in decimals), the amount A that will be available after t years is A=P+Prt. Find the total amount in an account if $1,000 is invested at 10.2% simple interest for 2 years.
Amount= 1000(1+.102*2)
= 1204