Mrs Montgomery invested Ms Montgomery invested 1600 at 10 si

Mrs Montgomery invested

Ms. Montgomery invested $1,600 at 10% simple interest at the beginning of each year for a period of ten years. Find the total accumulated value of all the investments at the end of the 10-year period.

Solution

I = P x R x T

I = 1600 x 10/100 x 10   => I = 1600

Accumulated value = P + I  

So Accumulated = 1600 + 1600 => 3200

Hence Accumulated amount is $3200.