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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.

Top 10 Answers Show all 15 answers

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 ???

tree yeaaarrs ago 2022 from islam islands Homie

Is the rate 8%??

Give me a second to think...

What is the principle? I don't remember.

Yes, 8%

thanks

💯❤

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

You're welcome.

.

Did you know?

Did you know that when a person puts money into a savings account, they can earn interest on that money? In this case, Yvonne put $4,000 into a savings account and after 3 years, the account earned $960 in simple interest. A. To find out how much money Yvonne has in her account at the end of 3 years, we can simply add the interest earned to the initial amount. So the answer to A is indeed $4,960. B. To find out at what annual simple interest rate the account grew, we need to use a formula: Interest = Principal * Rate * Time In this case, the interest earned is $960, the principal is $4,000, and the time is 3 years. Plugging these values into the formula, we have: $960 = $4,000 * Rate * 3 Solving for the rate (R), we divide both sides of the equation by ($4,000 * 3): R = $960 / ($4,000 * 3) This gives us the annual simple interest rate. C. To find out how many more dollars Yvonne would have in her account if the interest rate were 1% greater, we first need to calculate the new interest earned. We can use the same formula as in part B, but this time we will add 1% to the original interest rate. Let's call the original interest rate "R": New interest = Principal * (R + 0.01) * Time The new interest is unknown, the principal is $4,000, the time is 3 years, and R is the interest rate we found in part B. Plugging in these values, we have: New interest = $4,000 * (R + 0.01) * 3 To find the difference in dollars, we subtract the original interest earned from the new interest earned: Difference = New interest - Original interest This will give us the answer to part C and tell us how many more dollars Yvonne would have in her account if the interest rate were 1% greater.