MEDAL!
Yvonne put $4,000 into a savings account. At the end of 3 years, the account had earned $960 simple interest. How many more dollars would she have in her account if the interest rate were 1% greater? Help Please!

Question

MEDAL!
Yvonne put $4,000 into a savings account. At the end of 3 years, the account had earned $960 simple interest. How many more dollars would she have in her account if the interest rate were 1% greater? Help Please!

anonymous · Answer

The original interest rate is 8%

wmj259 · Answer

Is it compounded monthly or yearly?

anonymous · Answer

yearly

anonymous · Answer

ok is this the answer? (look at year 3) http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

anonymous · Answer

base amount=4000
annual interest rate= 9%
calculation period=3
compound interval=yearly

wmj259 · Answer

Yes I did get that.

anonymous · Answer

so is it right?

wmj259 · Answer

If you add $960 to $4000 you do not get $5038.

anonymous · Answer

well that it to find the amount of money in her account at the end of the 3 years

wmj259 · Answer

Doesn't add up.

anonymous · Answer

well the formula that you used (960+4000) is the formula to find the amount of money in her account at the end of the 3 years which is not what im looking for

anonymous · Answer

After the 3 years using 8% as the interest is 4960 but I need to find the amount of money in the account after 3 years using 9% as the interest