Mathematics, 05.07.2019 06:00 fahad7007
Find the future value of $2000 deposited at 9% for 8 years if the account pays simple interest, and the account pays interest compounded annually.
Answers: 2
![\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$2000\\ r=rate\to 9\%\to \frac{9}{100}\dotfill &0.09\\ t=years\dotfill &8 \end{cases} \\\\\\ A=2000[1+(0.09)(8)]\implies A=2000(1.72)\implies \boxed{A=3440} \\\\[-0.35em] \rule{34em}{0.25pt}](/tpl/images/0053/0190/9dd90.png)
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Find the future value of $2000 deposited at 9% for 8 years if the account pays simple interest, and...
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