Mrs. Piazza invested $8000 in a certificate of deposit that pays 3% simple interest for 4 years. How much will be in Mrs. Piazza

Question

3 years ago

7

's account at the end of 4 years?

1 answer:

fomenos · Answer 1 · 2022-03-15T15:45:31+03:00

fomenos3 years ago

3 0

Answer:

$8960

Step-by-step explanation:

Given

principal = $8000

rate= 3%= 0.03

time = 4 years

Required

the final amount, we assume that this is a simple interest investment.

Step two:

$A= P(1+rt)\\\\A=8000(1+0.03*4)\\\\A=8000(1+0.12)\\\\A=8000*(1.12)\\\\A=8960$

The final amount in the account is $8960