Question

Jill received a stipend of $1,000 for the extra work she does on the job. She is going to deposit the money into her bank account that receives 4% simple interest. The account balance after year 3 is:

Answer 1

Principal: 1000 USD

Interest (Simple): 4%

Years: 3

I = p x r x t

I = 1000 x 1.04 x 3

I = 3120

Her account balance after year 3 is $3,120.