Answer:
$37623.04
Step-by-step explanation:
The formula we'll use for this is the simple interest formula, or:
[tex]I=p*r*t[/tex]
Where:
P is the principal amount, $1088.00.
r is the interest rate, 839.5% per year, or in decimal form, 839.5/100=8.395.
t is the time involved, 4....year(s) time periods.
So, t is 4....year time periods.
To find the simple interest, we multiply 1088 × 8.395 × 4 to get that:
The interest is: $36535.04
Usually now, the interest is added onto the principal to figure some new amount after 4 year(s),
or 1088.00 + 36535.04 = 37623.04.
