Eric's savings account balance is $3,200.00 at the end of the year. His financial institution pays an interest rate of 3.5% based on the end of year balance. What is his balance after interest accrual?
A. $3,203.50
B. $3,230.50
C. $3,300.00
D. $3,312.00

Question

Eric's savings account balance is $3,200.00 at the end of the year. His financial institution pays an interest rate of 3.5% based on the end of year balance. What is his balance after interest accrual?
	A.	$3,203.50
	B.	$3,230.50
	C.	$3,300.00
	D.	$3,312.00

anonymous · Answer

Im pretty sure its D because 3,200*3.5%=112. and 3,200.00+112= 3,312.00