Question

Madison received a share of $4230 for a fishing competition. She deposited it in the bank and left it for 3 years accumulating simple interest at 4.2%. Find her new balance in the bank after 3 years.

Answer 1

Answer: 4785.68

Step-by-step explanation: simpler way

B = P x (1 + R)^t

P = Staring Amount

R = Interest Rate

T = Time

B = Balance

B = $4230 x (1 + 0.042)^T

Answer 2

$4785.68

Explanation:

Original amount: $4230

Interest for 1 year: 4.2%

First year;

`4230 + (4230 * (4.2)/(100)) \\ = 4230 + 177.66 \\ = 4407.66`

Second year;

`4407.66 + (4407.66 * (4.2)/(100) ) \\ = 4407.66 + 185.12172 \\ = 4592.78172`

Third year (total balance after 3 years);

`4592.78172 + (4592.78172 * (4.2)/(100) ) \\ = 4592.78172 + 192.89683224 \\ =4785.67855224`

Round the number;

$4785.68

YOUR ANSWER hope this helps :))