please help with 6th grade math? I don't understand this at all!

Question

anonymous · Answer

ok what can i do

anonymous · Answer

@Michele_Laino

anonymous · Answer

Evergreen bank offers 5% simple interest on deposits. Pot O' Gold bank offers 4% interest compounded annually. Patrick deposited $2000 into each bank to remain 3 years.


A. Find the final balance at Evergreen Bank. Show All Your Work

anonymous · Answer

I have a b and c too i just wanna do on at a time

anonymous · Answer

@ganeshie8

anonymous · Answer

@Kainui

anonymous · Answer

For simple interest, the formula is 
I=PRT/100

where P= Present value
          R= Interest rate
          T= Time ( no. of years) 
          I= Interest 

So, for Evergreen Bank, the interest would be 
I=(2000×5×3)/100=$300

The final balance would be 2000+300=$2300

anonymous · Answer

For compound interest, the formula is, 
FV=P×(1+r)n

here FV= Future value
        P= Present value
        r= Annual interest rate ( as a decimal) 
        n= no. of years

So, for Pot O' Gold bank,  the final balance would be: 
FV=2000×(1+0.04)3=$2249.728

anonymous · Answer

ok thx

anonymous · Answer

no prob you are welcome

anonymous · Answer

i know how to do the rest now thanks :D

anonymous · Answer

ok anything else just tag me and i will do my best to help answer