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 found this on a website called Brainly and I think it is very helpful:
A) At the end of 3 years the amount in the account = Principal + Interest
Amount = 4000 + 960 = 4960
Amount at the end of 3 years = $4960
b) Formula for Rate , R = 100I/(PT)
Where I = Interest = 960, P = Principal = 4000, T= Time = 3 years
R = (100 × 960) / ( 4000 × 3)
R = 8
Rate, R = 8% per annum.
c) If the rate was 1% more, R = 8 + 1 = 9% per annum
Interest, I = PRT/100
Interest, I = 4000 × 9 × 3 /100 = 1080
Amount in her account would have been = $4000 + $1080 = $5080
Amount more = $5080 - $4960 = $120
She would have had $120 more should the rate were 1% greater.
this question do be messin wit my brain doe
Thank You Anonymous
For B, did the acc grow?
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Thank you so much Anonymous! I understand this so much now!
Thanks, was having trouble with the formula. Now I understand how to calculate simple interest :)
Thanks Anonymous
Omg tysm!
aah thanks so much I understand how to do it now
Thank you SO much this makes lots more sense!!
Thanks Anonymous :D
SUSS
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Wow these comments are fresh
Thank youz 😊😊
theirs*
this might sound like a dumb question, but does anyone know the formula for finding what the simple interest rate is? i mean percentage wise, how much the money would go up. i don’t know how exactly to describe it but nothing pops up on google. thanks
Anyone who downvotes "Becareful what you say because you could get accused of plagiarism" who want answers are stupid, because the teachers woudl easily know, and than those people get in trouble.
Anonymous ur a lifesaver tysm
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tysm
Yall should be careful what you say because you can easily get caught for plagiarism
Hi ya dumbys
well they didn't say it was there's
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amount at end of 3 years = 4000+960 = ...
I = PRT
960 = 4000(R)(3)
R = 960/12000 = .08 or 8%
had the interest been 9%
I = 4000(.09)(3) = 1080
take over