​Boden's account has a principal of ​$700 and a simple interest rate of 3.9​%. Complete the number line. How much money will be in the account after 4​ years, assuming Boden does not add or take out any​ money?

Question

font size increased by 8 interestfont size increased by 8 yearsfont size increased by 2 27.30font size increased by 2 54.60font size increased by 2 81.90font size increased by 2 0font size increased by 2 1font size increased by 2 2font size increased by 2 3

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Part 1
In the double number​ line, the missing interest value is
  
109.20 and the missing year value is
  
4.
​(Type integers or​ decimals.)
Part 2
There will be ​$
  
enter your response here in the account after 4 years.
​(Type an integer or a​ decimal.)

Answer 1

To calculate the amount of money in Boden's account after 4 years with a principal of $700 and a simple interest rate of 3.9%, you can use the formula for simple interest:

\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \]

First, let's convert the interest rate from a percentage to a decimal by dividing by 100:

\[ 3.9% = 0.039 \]

Now we can calculate the interest accrued over 4 years:

\[ \text{Interest} = 700 \times 0.039 \times 4 \]

Calculating that step by step:

1. \( 700 \times 0.039 = 27.30 \)
2. \( 27.30 \times 4 = 109.20 \)

So, the total interest accrued after 4 years is $109.20.

Part 1

In the double number line:

• The missing interest value is 109.20.
• The missing year value is 4.

Part 2

To find the total amount in the account after 4 years, we add the total interest to the principal:

\[ \text{Total Amount} = \text{Principal} + \text{Interest} \] \[ \text{Total Amount} = 700 + 109.20 = 809.20 \]

So, there will be $809.20 in the account after 4 years.

Answers:

1. Missing interest value: 109.20
2. Missing year value: 4
3. Total amount in the account after 4 years: 809.20