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OpenStudy (anonymous):
Liam deposited $1,724.53 in a savings account 4 months ago. The account earns 3.1% simple interest. What is his account balance today?
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OpenStudy (campbell_st):
is the interest rate... 3.1% per month.. or per annum..?
OpenStudy (anonymous):
Assuming it is a monthly interest rate, he would earn 3.1% more money from the base value each month. For one month it's just $1724.53 * 0.031 = $53.46. Now all you have to do is multiply that by 4 months, because he will be getting that extra $53.46 every month. You end up with $1938.37.
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