Question

Find the final balance in an account with $820 invested at 4% annual simple interest for three years.

A. $29.10
B. $98.40
C. $852.80
D. 918.40

Answer 1

D. :)

Answer 2

Thank you :)

Answer 3

To find the simple interest, use this formula
I = prt
where I = interest
p = principal amount
r = interest rate as decimal
t = time in years

I = $820 * 0.04 * 3 = 98.40

Then add the interest to the principal amount
820 + 98.40 = 918.40