A savings account earns 5% simple interest per year. The principal is $1200. What is the balance after 4 years?

1440, got it form person above

To calculate the balance after 4 years with 5% simple interest, follow these steps:

Step 1: Determine the interest earned per year.
Interest = Principal x Rate
Interest = $1200 x 5% = $60

Step 2: Calculate the interest earned over 4 years.
Total Interest = Interest per year x Number of years
Total Interest = $60 x 4 = $240

Step 3: Calculate the balance after 4 years.
Balance = Principal + Total Interest
Balance = $1200 + $240 = $1440

Therefore, the balance after 4 years would be $1440.

To find the balance after 4 years, you can use the formula for simple interest:

Interest = Principal * Rate * Time

where:
- Principal is the initial amount of money (in this case, $1200)
- Rate is the interest rate (in this case, 5% or 0.05)
- Time is the number of years (in this case, 4 years)

First, calculate the interest earned over the 4 years:

Interest = $1200 * 0.05 * 4 = $240

Next, add the interest earned to the principal to get the balance:

Balance = Principal + Interest = $1200 + $240 = $1440

Therefore, the balance after 4 years would be $1440.

I = PRT

I = 1200 * 0.05 * 4

I = ?

Add the interest to the principle to find the balance.