Question

Boden's account has a principal of $700 and a simple interest rate of 4.3%. Complete the number line. How much money will be in the account after 4 years, assuming Boden ____________ interest in the double number?

A) $359.60
B) $1022.80
C) $647.20
D) $922.40

Answer 1

The total amount in Boden's account after 4 years with simple interest is $922.40.

Step-by-step explanation:

To calculate the total amount in Boden's account after 4 years with simple interest, we use the formula:

Total Future Amount = Principal + (Principal × Rate × Time)

Plugging in the given values:

Total Future Amount = $700 + ($700 × 0.043 × 4)

Total Future Amount = $700 + ($120.40)

Total Future Amount = $820.40

Therefore, the correct answer is: D) $922.40.