Question

Jan invests $800 at a rate of 3% per year simple interest

Calculate the value of her investment at the end of 4 years.

Answer 1

first we need to know 3 percent of 800.

0.03 times 800 = 24.

we get about 24 interest every year.

now for four years. 800 + 24 = 824.

824 times 4(implying four years) = $3296

The value of her investment at the end of four years is $3296