jermaine earned $2000 during the summer. he plans to put the money in a savings account and leave it for 40…

jermaine earned $2000 during the summer. he plans to put the money in a savings account and leave it for 40 years. the account will earn 9% simple interest annually. what will the balance be after 40 years? a $87,200 b $80,300 c $2720 d $9200

jermaine earned $2000 during the summer. he plans to put the money in a savings account and leave it for 40 years. the account will earn 9% simple interest annually. what will the balance be after 40 years? a $87,200 b $80,300 c $2720 d $9200

Answer

Explanation:

Step1: Recall simple - interest formula

The simple - interest formula is $A = P(1+rt)$, where $A$ is the final amount, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P=$2000$, $r = 0.09$ (since $9%=0.09$), and $t = 40$ years.

Step2: Substitute values into formula

$A=2000\times(1 + 0.09\times40)$ First, calculate the value inside the parentheses: $0.09\times40=3.6$, then $1+3.6 = 4.6$.

Step3: Calculate the final amount

$A=2000\times4.6=$9200$

Answer:

D. $9200$