what will be your new total if you start with 2,000 principal and a 5% annual interest rate for 1 year

Hey! To calculate the total amount after one year with a principal of $2,000 and a 5% annual interest rate, you can use the formula for simple interest:

Total = Principal + (Principal * Rate)

Plugging in the values:
Total = 2000 + (2000 * 0.05)
Total = 2000 + 100
Total = 2100

So, the new total after one year would be $2,100.

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AnsweringGod AnsweringGod · Answer 2 · 2024-04-16T18:55:52+02:00

Answer:

After 1 year at a 5% annual interest rate, your new total will be $2,100.

Explanation:

If you start with a principal of $2,000 and earn a 5% annual interest rate for 1 year, your new total will be $2,100. This can be calculated using the formula for simple interest:

Interest = Principal x Rate x Time

Interest = $2,000 x 0.05 x 1 = $100

Adding the interest earned to the original principal:

New Total = Principal + Interest

New Total = $2,000 + $100 = $2,100

Thus, after 1 year at a 5% annual interest rate, your new total will be $2,100.