You put $1205 in an account that earns 2% simple interest. Find the total amount in the account after 4 years.
P = Po + Po*r*t = 1205 + 1205*0.02*4 =
The formula for simple interest is
Interest= (Principle)(Rate)(Time)
(1205)(.02)(4)= 96.4
96.4 is the interest earned, but we need the total amount of money in the account. 1205 plus 96.4 is 1301.4
To find the total amount in the account after 4 years, we can use the formula for simple interest:
Simple Interest = Principal * Interest Rate * Time
Given:
Principal (P) = $1205
Interest Rate (R) = 2% = 0.02 (in decimal)
Time (T) = 4 years
Plugging these values into the formula:
Simple Interest = $1205 * 0.02 * 4
= $1205 * 0.08
= $96.40
To find the total amount in the account, we add the interest to the principal:
Total amount = Principal + Simple Interest
= $1205 + $96.40
= $1301.40
Therefore, the total amount in the account after 4 years will be $1301.40.
To find the total amount in the account after 4 years, you need to calculate the interest earned and add it to the initial amount.
To calculate the interest earned, you can use the formula for simple interest:
Interest = Principal x Rate x Time
Where:
- Principal is the initial amount ($1205 in this case)
- Rate is the interest rate (2% or 0.02 as a decimal)
- Time is the number of years (4 years in this case)
Now, let's calculate the interest:
Interest = $1205 x 0.02 x 4
= $96.40
The interest earned over 4 years is $96.40.
To find the total amount in the account, you need to add the interest earned to the initial amount:
Total amount = Initial amount + Interest
= $1205 + $96.40
= $1301.40
Therefore, the total amount in the account after 4 years will be $1301.40.