Question

nicki deposited 1,077.00 into a bank account that paid 3% annual interst . she made no other deposits or withdrawls. use simple interest to calculate the ammount in this bank account after four months

Answer 1

Four months equals 1/3 of a year.

The formula for "simple interest" is i = p r t, where p is the initial amount, r is the interest rate as a decimal fraction, and t is the time, in years.

Thus, here, i = $1077 * 0.03 * (1/3 year)

Please calculate this interest.