Eliza wants to make $10,000 from her investments. she finds an investment account that earns 4.5% interest. she decides to deposit $2,500 into an account. how much money will be in her account after 14 years?

Answers

Eliza will have in her $4,075 account after 14 years.

Step-by-step explanation:

:)

She will have $4,075 in her account after 14 years.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

E = P*I*t

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

T = E + P.

In this problem:

P = 2500, I = 0.045, t = 14

So

E = P*I*t

E = 2500*0.045*14

E = 1575

Total

T = 2500 + 1575 = 4075.

She will have $4,075 in her account after 14 years.

Eliza will have in her $4,075 account after 14 years.


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