Question

if you invest 1200into an account that pays 13.2%simple interest what is the balance of the account in 4 years

Answer 1

Here's something I've learned in school, an equation. I =prt

I = interest
P = principle
R = Interest Rate
T= Time (Years)

p = 1200
r = 13.2%, written as 0.132
t = 4 years

I = 1200(0.132)(4)

I = 633.60

1200 + I

$1833.60 in 4 years.