timmy put $200,000 in a retirement account that earns 4.1% interest each year. find the amount earned after 5 year.

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jtm2588 jtm2588 · Answer 1 · 2022-03-03T00:52:35+01:00

Answer:

$241000

Step-by-step explanation:

Use the formula I = Prt

I is interest (what you need to find first), P is principal (200,000), r is rate (4.1%), and t is time (5)

First convert the rate of 4.1% to a decimal by moving the decimal two places left.

4.1% = 0.041

Next plugin the numbers into the formula and multiply to find the interest.

I = 200000(0.041)(5)

I = 41,000

Finally you need to find the balance. To find the balance, add the interest to the principal.

B = 200000 + 41000

B = 241000