Question

A. Find the interest earned. b. Find the balance of the account $300 at 4% for 3 years

Answer 1

Answer:

a. $36

b. $336

Step-by-step explanation:

The simple interest on a amount is:

A=P(1+rt)

A is the amount after interest, P is the amount before interest, r is the rate of interest and t is the time in years.

a.

We can use the formula:

The interest earned is the amount after interest minus the original amount before interest:

$36 of interest was earned

b.

The balance of the account is $336 worked out in a