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16 May, 09:06

If you invest 1200into an account that pays 13.2%simple interest what is the balance of the account in 4 years

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  1. 16 May, 09:07
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    Here's something I've learned in school, an equation. I = prt

    I = interest

    P = principle

    R = Interest Rate

    T = Time (Years)

    p = 1200

    r = 13.2%, written as 0.132

    t = 4 years

    I = 1200 (0.132) (4)

    I = 633.60

    1200 + I

    $1833.60 in 4 years.
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