Question

And can anyone do this?!!

Answer 1

a. The interest earned will be $36.

b. The account balance will be $336.

Step-by-step Explanation:

Step 1:

The initial amount put into the account was $300.

This account has an interest rate of 4% every year. So we must calculate how much 4% of $300 is.

4% of $300 = $\frac{4}{100} (300) = 0.04 (300) = 12.$

Step 2:

So for every year, the interest of $12 is added into the account. To calculate total interest we multiply this interest amount and the number of years.

So after 3 years $= 3(12) = 36.$

So account balance after 3 years $300+36 = 336$.

So the interest earned is $36 and the account balance is $336 after three years.