Sally deposits 4000 in a certificate of deposit that pays 6.94% simple interest.What is her balance after one year?

Question

asked Jun 5, 2020 169k views

1 Answer

Jasonnoahchoi · Answer 1 · 2020-06-09T19:57:09+0000

Answer:

4277.6

Explanation:

Hello, I can help you with this

Step one

find the profit using a simple rule of three

if

4000 ⇔ 100%

then, how much(x) is 6.94?

x ⇔ 6.94%

the relation is

$(4000)/(100)=(x)/(6.94)\\ solve\ for\ x\\\\x=(4000*6.94)/(100)\\x=277.6\\$

the profit is 277.6

hence, her balance after one year is the initial amount plus interest earned

balance= 4000+277.6

balance= 4277.6

I hope it helps, Have a great day