Question

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

Answer 1

I = PRT
I = 820 x .04 x 3
Interest = 98.40

Final Balance = 820 + 98.40 = 918.40

Answer 2

The answer is 918.4$

Explanation:

The formula of simple interest rate is:

`I=prt\\I=820*0.04*3\\I=98.4`

Interest quantity of 3 years will be 98.4$.

Total balance at the end of 3 years will be 820+98.4=918.4$