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James made a deposit in a savings account 5 years ago. The account pays 4% simple annual interest. Since then, he has earned $120 in interest. What is the current balance in his…

James made a deposit in a savings account 5 years ago. The account pays 4% simple annual interest. Since then, he has earned $120 in interest. What is the current balance in his…
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James made a deposit in a savings account 5 years ago. The account pays 4% simple annual interest. Since then, he has earned $120 in interest. What is the current balance in his account?

A. $200
B. $600
C. $720
D. $780

User Martin Cron
by
8.5k points

2 Answers

4 votes

Answer:

720 is correct

User LocoMike
by
8.0k points
0 votes
I=prt,,120=5*0.04p,,p=600 the answer is 720
User Mirian
by
8.2k points
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