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An account earns simple interest. a) find the interest earned b)find the balance of the account $2000 at 3.5% for 4 years

An account earns simple interest. a) find the interest earned b)find the balance of the account $2000 at 3.5% for 4 years
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5 votes
An account earns simple interest.

a) find the interest earned

b)find the balance of the account

$2000 at 3.5% for 4 years

User Martin Bliss
by
8.1k points

2 Answers

4 votes
$2,295.05 ,interest of $295.05 
User ZVenue
by
8.9k points
4 votes
If it was compound interest: the equation is 2000(1.035)^4
if it was simple interest: the equation is 2000 * (1.035) * 4
User Ron Ziroby Romero
by
8.0k points
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