Question

A retiree invests $9,000 in a savings plan that pays 4% per year. What will the account balance be at the end of the first year?

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$9000\\ r=rate\to 4\%\to (4)/(100)\dotfill &0.04\\ t=years\dotfill &1 \end{cases} \\\\\\ A = 9000[1+(0.04)(1)] \implies A = 9360`