Question

Sally deposits $4,000 in a certificate of deposit that pays 2.12% simple interest. What is her balance after one year?

Answer 1

Answer:

4084.80

Step-by-step explanation:

Interest = Principal * Interest * Time

             = 4000 * 0.0212 * 1

             = 84.8

balance = deposit amount + interest

             = 4000 + 84.8

             = 4084.80

Answer 2

Based on then information given her balance after one year is: $4048.80.

Using this formula

A = P (1 + r)^t  

Where:

A=Amount=?

Principal=$4,000

r=Interest rate=2.12% or 0.0212

t=time=1 year

Let plug in the formula

A=4000(1 + 0.0212)^1

A= 4000(1.0212)

A= $4048.80

Inconclusion her balance after one year is: $4048.80.

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