Question

Note: Enter your answer and show all the steps that you use to solve this problem in the space provided.

Yvonne put $4,000 in a savings account. At the end of 3 years, the account had earned $960 in simple interest.

How much does she have in her account at the end of 3 years?
At what annual simple interest rate did the account grow? Show your work.
How many more dollars would she have in her account if the interest rate were 1% greater? Show your work.

Answer 1

First question 4960?

Answer 2

4960

4000*r*3 = 960
r = 0.08

an extra 1% of 4000 is $40 more per year

Answer 3

Second question answer
Her account grew by 8%

Answer 4

Interest = principal times rate times time

960 = 4,000 * r * 3
960 = 12,000r

Solve for r.

Answer 5

thinks

Answer 6

thinks.....jk ik what they meant lol but uhmmmm ima try this out hopefully it works :(

Answer 7

I finally understand! Note- on part c remember to subtract the final product by 960 to find out how much MORE she earns

Answer 8

@oobleck is correct!

Answer 9

Everyone here is wrong you guys gave me an F