Question

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 =

Answer 1

Interest = 500 x .03 x 4

I = 60

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

Closing Balance = 560