Question

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

Answer 1

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 |

Answer 2

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