Scott will rent a car for the weekend. He can choose one of two plans. the first plan has an initial fee of $55 and costs an add
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Answer:
The amount is $2137.24 and the interest is $237.24.
Step-by-step explanation:
STEP 1: To find amount we use formula:
A = P
A = total amount P = principal or amount of money deposited, r = annual interest rate n
= number of times compounded per year t = time in years In this example we have
P = $1900 , r = 4% , n = 1 and t = 3 years
After plugging the given information we have
A = 1900
A = 1900 · 1.0
A = 1900 · 1.124864
A = 2137.24
STEP 2: To find interest we use formula A = P + I, since A = $2137.24 and P = $1900 we
have:
A = P + I
2137.24 = 1900 + I
I = 2137.24 − 1900
I = 237.24