Question

Asked Jan 20, 2019

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How much would your investment be worth if you deposited $5,555.55 into a bank that paid simple interest of 4% for 10 years?

Step 1

Total Interestn need to be computed for 10 years period by computing the annual interest on amount invested at the rate of 4% which comes out to be $ 222.222.

Then total interest for 10 years is computed by multiplying the annual interest with 10. The total interest is $2222.22

Step 2

Then Investment at the end of 10 years shall be computed by adding up total interest i...

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