Question

Sandy put $1000 in a savings account which pays 3% interest per year. After four years how much money will

Answer 1

Step-by-step explanation:

Here the deposited amount is considered as 'P'

The rate of interest is 'R'

The time is 'T'

P=$ 1000

R= 3%

T= 4 years

The simple interest can be calculated by,

Interest = (P x R x T) / 100

= ( 1000 x 3 x 4 ) / 100

= ( 12000) / 100

= $120

The simple interest for 4 years is $120

Total amount= P + Interest

= 1000 + 120

= $1120

So after 4 years the account will have $1120 .

Answer 2

after 4 years Sandy will have $1464.1

Step-by-step explanation:

Here we have , Sandy put $1000 in a savings account which pays 3% interest per year. We need to find After four years how much money will  be in the account assuming no additional deposits or withdrawals. Let's find out:

Sandy put $1000 in savings account and it pays 3% interest per year , So

Amount after 1 year :

⇒ $1000 + \frac{1000(10)}{100} = 1000+100=1100$

Amount after 2 year :

⇒ $1100 + \frac{1100(10)}{100} = 1100+110=1210$

Amount after 3 year :

⇒ $1210 + \frac{1210(10)}{100} = 1210+121=1331$

Amount after 4 year :

⇒ $1331+ \frac{1331(10)}{100} = 1331+133.1=1464.1$

Therefore , after 4 years Sandy will have $1464.1