The correct answers are $240, $1440, 6.25 years, and 12.5 years.
Principal Amount = $2000
Annual Rate = 4 %
The formula for calculating the simple interest is given below:
[tex]\rm{Simple\;Interest}=\dfrac{Principal \times rate \times time}{100}[/tex]
We need to answer different questions:
(A). how much will be in the account after three years?
Apply the formula and calculate the interest after three years.
Therefore,
[tex]\begin{aligned} \rm{Simple\;Interest}&=\dfrac{2000 \times 4 \times 3}{100}\\&=240 \end{aligned}[/tex]
Thus, the amount in the savings account after three years is $240 + $2000 that is $2240.
(B) How much will be in the account after 18 years?
Apply the formula and calculate the interest after 18 years.
Therefore,
[tex]\begin{aligned} \rm{Simple\;Interest}&=\dfrac{2000 \times 4 \times 18}{100}\\&=1440 \end{aligned}[/tex]
Thus, the amount in the savings account after three years is $1440 + $2000 that is $3440.
(C) How many years will it take for the account to contain $2500?
Let t be the time in years in which he touches the amount of $2500.
Interest earned after t years is $2500 - $2000 that is $500.
Apply the formula and calculate the interest after t years.
Therefore,
[tex]\begin{aligned} \rm{500}&=\dfrac{2000 \times 4 \times t}{100}\\&=6.25\;\rm{}years\end{aligned}[/tex]
(D) How many years will it take for the account to contain $3000?
Let t be the time in years in which he touches the amount of $3000.
Interest earned after t years is $3000 - $2000 that is $1000.
Apply the formula and calculate the interest after t years.
Therefore,
[tex]\begin{aligned} \rm{1000}&=\dfrac{2000 \times 4 \times t}{100}\\&=12.5\;\rm{}years\end{aligned}[/tex]
Thus, the correct answers are $240, $1440, 6.25 years, and 12.5 years.
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