Ask Question
12 June, 18:25

Quincy deposits $400 in a new bank account that earns 4% simple interest per year. What is the total amount in the account after 3 years?

+2
Answers (1)
  1. 12 June, 19:30
    0
    The interest is $48

    Step-by-step explanation:

    You want to calculate the interest on $400 at 4% interest per year after 3 years.

    The formula we'll use for this is the simple interest formula.

    P is the principal amount, $400.00.

    r is the interest rate, 4% per year, or in decimal form, 4/100=0.04.

    t is the time involved, 3 ... year (s) time periods.

    So, t is 3 ... year time periods.

    To find the simple interest, we multiply 400 * 0.04 * 3 to get $48.
Know the Answer?