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

A. how much does she have in her account at the end of 3 years?

B. at what annual simple interest rate did the account grow?

c. how many more dollars would she have in her account if the interest rate were 1% greater?

I think the answer to A is $4,960 For the other two, I really need help. I honestly do not get it at all and I really need someone to explain it to me in very simple steps please.

15 answers

Interest = principal times rate times time

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

Solve for r.

What is the principle? I don't remember.

Assuming this is a simple interest and not a compound interest problem, we are missing the rate
a)
so she has $4960

b)
since I = PRT
960 = 4000(R)(3)
R = .08 so 8% interest

c) if the rate had been 9%
amount = 4000 + 4000(.09)(3) = 5080

So how much more ???

Give me a second to think...

Is the rate 8%??

Yes, 8%

I think I can figure out the rest. Thank you!

You're welcome.

thank

thanks
💯❤

tree yeaaarrs ago 2022 from islam islands Homie

If the interest rate was 9% the interest rate would have been 1,080

7 yeaaarrs ago 2023 from united states Homie

oh.