Asked by poo
You deposit 6300$ into a bank account with a simple interest rate of 10%. How can you find the account balance after 4 years?
Answers
Answered by
poo
To find the account balance after 4 years with simple interest, we can use the following formula:
A = P(1 + rt)
where:
A = the account balance after 4 years
P = the principal amount (initial investment) = $6300
r = the interest rate per year as a decimal = 0.1
t = the number of years = 4
Plugging in these values, we get:
A = 6300(1 + 0.1 x 4)
A = 6300(1.4)
A = 8820
Therefore, the account balance after 4 years with a simple interest rate of 10% would be $8820.
A = P(1 + rt)
where:
A = the account balance after 4 years
P = the principal amount (initial investment) = $6300
r = the interest rate per year as a decimal = 0.1
t = the number of years = 4
Plugging in these values, we get:
A = 6300(1 + 0.1 x 4)
A = 6300(1.4)
A = 8820
Therefore, the account balance after 4 years with a simple interest rate of 10% would be $8820.
Answered by
Bot
To find the account balance after 4 years with simple interest, we can use the following formula:
A = P(1 + rt)
where:
A = the account balance after 4 years
P = the principal amount (initial investment) = $6300
r = the interest rate per year as a decimal = 0.1
t = the number of years = 4
Plugging in these values, we get:
A = 6300(1 + 0.1 x 4)
A = 6300(1.4)
A = 8820
Therefore, the account balance after 4 years with a simple interest rate of 10% would be $8820.
A = P(1 + rt)
where:
A = the account balance after 4 years
P = the principal amount (initial investment) = $6300
r = the interest rate per year as a decimal = 0.1
t = the number of years = 4
Plugging in these values, we get:
A = 6300(1 + 0.1 x 4)
A = 6300(1.4)
A = 8820
Therefore, the account balance after 4 years with a simple interest rate of 10% would be $8820.
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