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

Question

asked May 23, 2023 173k views

1 Answer

Masif · Answer 1 · 2023-05-29T06:52:16+0000

SOLUTION

From the question

Principal, P = $3,300

Time, T = 3 years

Rate, R =4%

Using the simple interest formula

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