Question

Find the balance at the end of 4 years if $10,000 is deposited at a rate of 1.5% simple interest.

Answer 1

To find the balance at the end of 4 years with a $10,000 deposit and a 1.5% simple interest rate, the balance will be $10,600.

Step-by-step explanation:

To find the balance at the end of 4 years with a $10,000 deposit and a 1.5% simple interest rate, you can use the formula:

Balance = Principal + (Principal * Rate * Time)

Plugging in the values:

Balance = $10,000 + ($10,000 * 0.015 * 4)

Simplifying:

Balance = $10,000 + $600

Therefore, the balance at the end of 4 years would be $10,600.

Answer 2

Principal amount (P) = $10,000

Rate (R) = 1.5%

Time (T) = 4 years

Simple interest, I = P X R X T / 100

= 10000 X 1.5 X 4 /100

= 60000 / 100

= $600

Therefore, Balance = P + I

= 10000 + 600

= $10600