Question

if you deposit $980 into an account earning 3.25% simple interest, how much will be in the account in 4 years

Answer 1

$1,107

Explanation:

3.25% as a decimal would be 0.035

Multiply

980x0.035=31.85 This is 3.25% of 980

Then, multiply that by 4.

31.85x4=127.40

Add

127.40+980=1107

So there will be $1,107 in the account in 4 years.

Hope this helps!