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

Answer:

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