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Calculate the amount of money you'll have at the end of the indicated time period You invest $2000 in an account that pays simple interest of 4 % for 20 years. The amount of money you'll have at the end of 20 years is S

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Answer:

The amount would be $ 3600.

Step-by-step explanation:

Given,

The invested amount, P = $ 2000,

Annual rate of interest, r = 4 %,

Time, t = 20 years,

So, the simple interest would be,

[tex]I=\frac{P\times r\times t}{100}[/tex]

[tex]=\frac{2000\times 4\times 20}{100}[/tex]

[tex]=\frac{160000}{100}[/tex]

[tex]=\$1600[/tex]

Hence, the amount of money after 20 years,

[tex]A=P+I[/tex]

[tex]=2000+1600[/tex]

[tex]=\$ 3600[/tex]

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