Answer:
$817.60
Step-by-step explanation:
Simple interest has the formula:
Simple Interest = Principal * rate * time
here,
Principal amount is $730
The rate of interest is 3%, which is 3/100 = 0.03
The time length in years is given as 4
We find the interest amount first:
SI = P * r * t
SI = 730 * 0.03 * 4
SI = 87.6
We are asked to find FINAL BALANCE, which is PRINCIPAL + INTEREST
So,
Final Balance = 730 + 87.6 = $817.60
