Answer:
Step-by-step explanation:
Given Data:
Starting Balance: $100 Annual Rate: 4% = 4/100 = 0.04
Time: 12 years =
<em />
<em>The Simple Terms going to be used here:</em>
I: <em>Amount of money you will make in interest. This shouldn't be confuse with the interest rate, r.</em>
r: <em>It is the interest rate, And expressed as a percentage. we will always need to convert this number into a decimal by dividing it by 100. So, for example 5% becomes 0.05.</em>
t: <em>It is time in terms of years. I-e, a year will become 12 months.</em>
p: <em>It is the principal. That is how much you deposited in the bank or take from it.</em>
<em />
<em>Now Using The formula for the Solution:</em>
<em> </em>I = p * r * t
I = 100*0.04*12
I = $48
Hence The amount left with all the sum will be
A total of: $100 + $48 = $148
