Answer:
Interest: $1440
Total Account Balance: $5440
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 1.2%/100 = 0.012 per year,
then, solving our equation
I = 4000 × 0.012 × 30 = 1440
I = $ 1,440.00
The simple interest accumulated
on a principal of $ 4,000.00
at a rate of 1.2% per year
for 30 years is $ 1,440.00.