John invests $3,000 at 4% simple interest.What will be the balance in the account after 3 years?

Answer 1

The formula for simple interest is:

I = P * r * t

Where:
I = interest
P = principal (the amount you initially invest)
r = interest rate
t = time (in years)

Plugging in the values given:

I = 3000 * 0.04 * 3
I = 360

This means that after 3 years, John will earn $360 in interest. Adding this to his initial investment:

Balance = 3000 + 360
Balance = $3,360

Therefore, the balance in the account after 3 years will be $3,360.