Algebra 2 homework

Question

If Chris invests $2000 in the bank at a rate of 5.5%, how much money will he have after 6 years?" What is the annual interest Rate?

Answer 1

Hi Taylor G.

Please let me know if I have interpreted your question correctly, it is not clear why you ask for the annual interest rate when you are given an interest of 5.5%

According to your information you just need the Starting Principle plus the Simple Interest after six years since you don't indicate any compounding. Unless something is missing above you list the interest rate as 5.5%

Simple Interest I

I = Prt

I = Interest Earned

P = Principle

r = rate of interest

t = time in years

You are given

P = 2000

r = 5.5% this should be expressed as a decimal in your calculation

t = 6 years

After six years you would have

2000 + (2000*0.055*6)

Give that a try.