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29 August, 10:33

Jill received a stipend of $1,000 for the extra work she does on the job. She is going to deposit the money into her bank account that receives 4% simple interest. The account balance after year 3 is:

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  1. 29 August, 10:42
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    Principal: 1000 USD

    Interest (Simple) : 4%

    Years: 3

    I = p x r x t

    I = 1000 x 1.04 x 3

    I = 3120

    Her account balance after year 3 is $3,120.
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