At the beginning of year 1, Gracie invest $350 at annual simple interest rate of 4%. She makes no deposits to or withdrawals from the account

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asked Apr 13, 2018 77.6k views

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Alex Andrei · Answer 1 · 2018-04-15T03:13:46+0000

I guess you want to know the total amount after one year. If so, the interest yielded after one year is 350 x 4% = $14 and her new capital becomes
350 (initial capital) + 14 (interest over 1 year) = 350+14 = $364

At the beginning of year 1, Gracie invest $350 at annual simple interest rate of 4%. She makes no deposits to or withdrawals from the account

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