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What is the balance if you invest $2000 at 3.5% for 4 years? Help please:(

1 Answer

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I = P x R x T / 100

WhereP = Principal

R= rate and T = time

$2000 was invested which is the principal

R = 3.5%, t = 4 years

I = 2000 x 3.5 x 4 / 100

I = 28, 000 / 100

I = $280

The interest after 4 years is $280

The balance inside the account is

B = I + P

Balance = 2000 + 280

Balance = $2280

The answer is $2,280

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