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At the beginning of year 1, Gracie invest $350 at annual simple interest rate of 4%. She makes no deposits to or withdrawals from the account

At the beginning of year 1, Gracie invest $350 at annual simple interest rate of 4%. She makes no deposits to or withdrawals from the account
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At the beginning of year 1, Gracie invest $350 at annual simple interest rate of 4%. She makes no deposits to or withdrawals from the account

User Divyenduz
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2 Answers

5 votes
I guess you want to know the total amount after one year. If so, the interest yielded after one year is 350 x 4% = $14 and her new capital becomes
350 (initial capital) + 14 (interest over 1 year) = 350+14 = $364

User Alex Andrei
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7.9k points
3 votes

Answer: A(n)=350+(n-1)(0.04•350);$504.00

Explanation:

User Minopret
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