Question

16. Find the final balance in an account with $730 invested at 3% annual simple interest for 4 years. (1 point) $735.48 $87.60 $817.60 $8,760.00 is the answer 817.60.

Please help me

Answer 1

$817.60

Explanation:

Simple interest has the formula:

Simple Interest = Principal * rate * time

here,

Principal amount is $730

The rate of interest is 3%, which is 3/100 = 0.03

The time length in years is given as 4

We find the interest amount first:

SI = P * r * t

SI = 730 * 0.03 * 4

SI = 87.6

We are asked to find FINAL BALANCE, which is PRINCIPAL + INTEREST

So,

Final Balance = 730 + 87.6 = $817.60