Question

3.6.PS-11

Boden's account has a principal of $800 and a simple
interest rate of 3.2%. Complete the number line. How much
money will be in the account after 4 years, assuming
Boden does not add or take out any money?
int

Answer 1

$902.40

Explanation:

The formula for simple interest is I = PRT where I is the interest paid/earned, P is the principal amount deposited/invested, R is the rate as a decimal, and T = time in years.

I = PRT

I = (800)(0.032)(4)

I = 102.4 = $102.40

Add this to the principal for the total in the account

800 + 102.40 = $902.40