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

User Eggroll
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SOLUTION

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

User Masif
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