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