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.
9 answers
First question 4960?
4960
4000*r*3 = 960
r = 0.08
an extra 1% of 4000 is $40 more per year
4000*r*3 = 960
r = 0.08
an extra 1% of 4000 is $40 more per year
Second question answer
Her account grew by 8%
Her account grew by 8%
Interest = principal times rate times time
960 = 4,000 * r * 3
960 = 12,000r
Solve for r.
960 = 4,000 * r * 3
960 = 12,000r
Solve for r.
thinks
thinks.....jk ik what they meant lol but uhmmmm ima try this out hopefully it works :(
I finally understand! Note- on part c remember to subtract the final product by 960 to find out how much MORE she earns
@oobleck is correct!
Everyone here is wrong you guys gave me an F
52 answers