Question

Quinn deposit $3000 into a savings account her freshman year of college. She will earn simple interest on the account at 2.56%. If she makes no contributions or withdrawals, what will the accrued value of the account be when she graduates four years later 

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$3000\\ r=rate\to 2.56\%\to (2.56)/(100)\dotfill &0.0256\\ t=years\dotfill &4 \end{cases} \\\\\\ A = 3000[1+(0.0256)(4)] \implies A=3000(1.1024)\implies A = 3307.2`