Answer:
Step-by-step explanation:
<u><em>Simple Interest:</em></u>
Simple Interest formula is S.I. = P × r × t
<em>Interest Eared</em>: $3,500 × 0.04 × 10 = <em>$1,400</em>
Account Balance formula is A = P ( 1 + rt )
<em>Account Balance</em>: $3,500 + $1,400 = <em>$4,900</em>
<u><em>Compound Interest:</em></u>
Compound Interest formula:
Account balance: <em>$5,180.85</em>
Interest Earned: $5,180.85 - 3,500.00 = <em>$1,680.85</em>