Question

you are saving money to attend college when you graduate high school. you have $3,000 to invest in your bank account at an annual interest rate of 4.2%. how much will be in the account after 4 years

Answer 1

The amount that will be in his account after 4 years can be calculated below

`\begin{gathered} I=(PRT)/(100) \\ p=\text{ \$3000} \\ R=4.2\text{ \%} \\ T=4 \\ I=(3000*4.2*4)/(100) \\ I=(50400)/(100) \\ I=504 \end{gathered}`

The amount that will be in his account after 4 years is $504 + 3000 = $3504