Question

$500 at a simple interest rate of 3% for 4 years. Find the balance

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$500\\ r=rate\to 3\%\to (3)/(100)\dotfill &0.03\\ t=years\dotfill &4 \end{cases} \\\\\\ A=500[1+(0.03)(4)]\implies A=500(1.12)\implies A=560`