Question

(You will need a calculator.) Suppose you deposit $4800 into an account paying 3.2% simple annual interest and leave it there for six years.

Assuming that you make no other deposits or withdrawals, how much will the account hold at the end of that time?
Answer: $
(Round your answer to the nearest cent. Enter only the number without commas, not the dollar sign.)

Answer 1

Explanation:

principal (P) = $4800

Interest (I) = 3.2%

Time (T) = 6 years

Now

I = (P*T*R)/ 100 = (4800*3.2*6) / 100 = 921.6

Amount (A) = P + I = 4800 + 921.6 = $5721.6 = $5272

Answer 2

The answer is 38,016. You have to multiply 4800 by 6 which equals 28,800. then multiple 0.32 times 4800 which equals 1538. multiply 1538 by 6 which equals 9,216 and then add 28,800 which equals it to 38,016.