or this one tracey has 4,300 in his savings account. the money in the account earns 4.6% intrest each year assuming he makes no deposits, how much money will he have in his account atthe end of the year? i don't know how to figure that
4300 * 0.046 = ?
Add the interest to $4,300 to find the total.
4921
To calculate how much money Tracey will have in his savings account at the end of the year, we can use the formula for calculating simple interest:
Interest = Principal (initial amount of money) * Rate of interest * Time
In this case, the principal is $4,300, and the rate of interest is 4.6% (or 0.046 as a decimal). The time is one year. Let's plug these values into the formula:
Interest = $4,300 * 0.046 * 1 year
To find the interest amount, we multiply $4,300 by 0.046:
Interest = $197.80
Now, we add the interest to the initial amount:
Total = Principal + Interest
Total = $4,300 + $197.80
Total = $4,497.80
Therefore, at the end of the year, Tracey will have $4,497.80 in his savings account.