What is the account balance if the principle is $350 the annual rate is 4% and the time is 3 years.

Question

asked Jun 5, 2021 89.2k views

2 Answers

Fairlie · Answer 1 · 2021-06-06T16:03:41+0000

Answer:

The answer is 42.

Explanation:

We start by using the Simple Interest Formula.

I=P x R x T

Key

P: Principal, R: Rate and T: Time

>P=$350

>R=4% or .04

>T= 3 (for 3 years)

Finally, multiply everything (350)(.04)(3)

| I= 42 |

Mmmh Mmh · Answer 2 · 2021-06-08T19:11:49+0000

Answer:

393.70

Explanation:

350x.04= 14 for 1st year

350+14= 364 for 1st year

364×.04= 14.56 for 2nd year

364+14.56= 368.56 for 2nd year

368.56×.04= 15.14 for 3yr

368.56+15.14= 393.70 yr 3 yrs