Question

Find the balance of an account where $3,300 was deposited 3 years ago, earning 4% interest.

Answer 1

From the question

Principal, P = $3,300

Time, T = 3 years

Rate, R =4%

Using the simple interest formula

`I=(PRT)/(100)`

It follows:

`\begin{gathered} I=(3300*4*3)/(100) \\ I=396 \end{gathered}`

Therefore the total amount in the account is

`\begin{gathered} A=3300+396 \\ A=3696 \end{gathered}`

Therefore the total amount in the account is $3696