16. Find the final balance in an account with $730 invested at 3% annual simple interest for 4 years. (1 point) $735.48 $87.60 $

Question

2 years ago

13

817.60 $8,760.00 is the answer 817.60.
Please help me

1 answer:

podryga [215] · Answer 1 · 2022-05-15T14:37:22+03:00

Answer:

$817.60

Step-by-step explanation:

Simple interest has the formula:

Simple Interest = Principal * rate * time

here,

Principal amount is $730

The rate of interest is 3%, which is 3/100 = 0.03

The time length in years is given as 4

We find the interest amount first:

SI = P * r * t

SI = 730 * 0.03 * 4

SI = 87.6

We are asked to find FINAL BALANCE, which is PRINCIPAL + INTEREST

So,

Final Balance = 730 + 87.6 = $817.60