Question

Jack deposits $90.00 into a new savings account. The account earns 3.5% simple interest per year. No money is added or removed from the savings account for 4 years. What is the total amount of money in his savings account at the end of the 4 years?

Answer 1

$102.60

Explanation:

3.5% interest of $90.00 is $3.15 yearly

$3.15 × 4 = $12.60

$12.60 + $90.00

$102.60

Answer 2

$102.60

Explanation:

We can find out because....

3.5 (The percent increase) * 4 (4 years) = 12.6

90 + 12.6 = $102.60.