Question

If ​$33 is invested at a simple interest rate of 4​% per​ year, what would the total account balance be after thirty-five ​years?

Answer 1

The answer is right there.

Answer 2

To calculate the total account balance after 35 years with a simple interest rate of 4% per year, we can use the formula:

Total balance = Principal + (Principal * Interest Rate * Time)

In this case, the principal (initial investment) is $33, the interest rate is 4% (or 0.04 as a decimal), and the time is 35 years. Plugging these values into the formula, we get:

Total balance = $33 + ($33 * 0.04 * 35)

Calculating the expression inside the parentheses:

Total balance = $33 + ($33 * 0.04 * 35)
= $33 + ($33 * 1.4)
= $33 + $46.2
= $79.2

Therefore, the total account balance after 35 years would be approximately $79.2.