Question

you deposit 20$ in a savings account the account earns 4% simple interest per year. what is the balance after 4 years.

Answer 1

Answer: 24 Dollars and 94 Cents

Step-by-step explanation: 4% of 20 = .8

4% of 20.8= .832

4% of 21.6 = .864

4% of 22.4 = .896

Take the 32,64 and the 96. Add them 32+64+96= 192 so 1.92

22.4 + .8 = 23.2

23.2+ 1.92 = 24. 94 cents

24 Dollars and 94 Cents is your answer (or whichever of you answers is closest)