Answer:
After 4 he will have earned $1100 in Interest
His new account balance will be $6600
Step-by-step explanation:
Principal P = $5500, Time T = 4 years, and at Rate R of 5%
Simple Interest SI = PRT/100
SI = (5500 × 4 × 5)/100
SI = 55 × 4 × 5
SI = $1100
Account balance after 4 years will be Principal + Simple Interest
$5500 + $1100 = $6600
