Question

Kyle opened up a savings account in July. He deposited $900.00. The bank pays a simple interest rate of 5% annually. What is Kyle's balance at the end of 4 years?

Answer 1

A = 1080

Explanation:

SI = (P×R×T)/100

= (900×5×4)/100

SI = 180

A = P+SI

Amount after 4 years is

900+180 = 1080

A=1080