Question

Chad has $31,000 in a savings account. The interest rate is 13

% per year and is not compounded. How much will he have in 4
years?

Answer 1

1 year interest: $31000 + $4030

2 year interest: $35030 + $4553.9

3 year interest: $39583.9 + $5145.4

4 year interest: $44729.3

Final Interest: $47120

Explanation:

I hope this helps! have a nice day!