Question

Jon invests $4,100 into an account that pays 5 percent simple interest each year. What is the total balance in the account after 3 years?
$615.00
$3,485.00
$4,305.00
$4,715.00

@angle

Answer 1

Here is an equation for simple interest that we can use

(Deposit) * (number of years) * (1 + interest rate) = (Total Balance)

Answer 2

so we are given the following information:

Deposit = 4100
number of years = 3
interest rate = 0.05

Answer 3

so first, what does the equation look like once we plug in all these numbers?

Answer 4

do i mulitiply ?

Answer 5

yes

(4100)*(3)*(1.05) = ?

Answer 6

12915?

Answer 7

oh oh oh
I got the equation wrong
that was my fault

there should not have been a (1) in the interest part

Answer 8

so (4100)*(3)*(0.05) = interest

then 4100 + interest = total

Answer 9

4715.00 ?

Answer 10

perfect :)

Answer 11

*,