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

asked Dec 9, 2017 230k views

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

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4 votes

$2,295.05 ,interest of $295.05

ZVenue answered Dec 10, 2017

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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

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