4. Elliott deposits $500 into a savings account

that earns simple interest at a rate of 3%

annually. What is the closing balance at the

end of the four years?

Hint:

Interest = principle x rate (as decimal) x time (years)

I =

Closing Balance = Principle (p) + Interest (1)

Closing Balance =

Question

15 October, 04:03

+4

Answers (1)

Know the Answer?

Tara Hardin · Answer 1

Interest = 500 x. 03 x 4

I = 60

Closing Balance = 500 (p) + 60 (1)

Closing Balance = 560

4. Elliott deposits $500 into a savings accountthat earns simple interest at a rate of 3%annually. What is the closing balance at theend of the four years?Hint:Interest = principle x rate (as decimal) x time (years)I =Closing Balance = Principle (p) + Interest (1)Closing Balance =