| Dorothy invested $3000 in a bank savings account. If the interest rate is 6%. how much would she have 2 years from now? |
|
Let P = Principle Let R = Rate Let T = Time Let I = Interest Given: P = $3000 Given: R = 6% Given: T = 2 YEARS Find: I Interest = Principle * Rate * Time I = PRT I = $3000 * 6% * 2 I = $3000 * 0.06 * 2 I = $360.00 B = Final Balance = P + I = $3,000.00 + $360.00 = $3,360.00 B = Final Balance = P + I = $3,360.00 |