Question

jon invests $4,100 into an account that pays 5 percent simple interest each year. what is the total balance in the account after 3 years?

Answer 1

he would have $4,715 :)

5% of $4,100 is $205 times 3 is $615 plus $4,100 is $4,715 :)

Answer 2

A=P(1+r/n)^nt
A=4100(1+.05/1)^1(3)
A=4746.26