Question

suppose you deposit $3000 in a savings account that pays interest at an annual rate of 4%. if no other money is added or withdrawn from the account how much will be in the account after 10 years?

Answer 1

$3000 x .04 =$120
$120 x 10 =$1200
$3000+1200= $4200 Total

Answer 2

If no other money is added or withdrawn from the account how much will be in the account after 10 years is $4,440.73.

Simple interest

Using this formula

Amount=Principla(1+Interest rate)^ Time

Let plugm in the formula]

Amount=$3,000(1+0.04)^10

Amount=$3,000(1.04)^10

Amount-$3,000(1.4802442849)

Amount=$4,440.73

Therefore how much will be in the account after 10 years is $4,440.73.

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