Question

You start with $52000

if you receive 3.15% raise every year, how much will you be making after 4 years ?

Answer 1

$58,552.00

Explanation:

A = $58,552.00

I = A - P = $6,552.00

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 3.15%/100 = 0.0315 per year.

Solving our equation:

A = 52000(1 + (0.0315 × 4)) = 58552

A = $58,552.00

The total amount accrued, principal plus interest, from simple interest on a principal of $52,000.00 at a rate of 3.15% per year for 4 years is $58,552.00.