Question

3. Quincy deposits $400 in a new bank account that earns 4% simple interest per year. What

Answer 1

Answer:

$448

Step-by-step explanation:

We can use the simple interest formula for this:

$A = P (1 + rt)$

P = initial balance

r = annual interest rate

t = time

First, change 4% into its decimal form:

4% -> $\frac{4}{100}$ -> 0.04

Now, lets plug in the values:

$A=400(1+(0.04)(3))$

$A=448$

The total amount in the account after 3 years will be $448