Answer:
[tex]\$60,000[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=20\ years\\ P=\$30,000\\r=5\%=5/100=0.05[/tex]
substitute in the formula above
[tex]A=30,000(1+0.05*20)[/tex]
[tex]A=30,000(2)[/tex]
[tex]A=\$60,000[/tex]
