help me please

Question

Jason deposits $5,000 in a bank account that will pay him 4% interest annually. If Jason deposits no more than the initial $5,000, how much money will be in the account at the end of five years? (The formula for simple interest is I= prt or interest= principal ×rate ×time. Use a decimal to express the interest when using that formula)

Answer 1

in the case of simple interest, the interest amount will be equal to the Principal P times the annual rate (as a decimal) times the time period

 

in this case, I = $5,000 x 0.04 x 5 = $1,000

 

thus, at the end of five years, the total amount will be $5,000 + 1,000 = $6,000