Question

What is the total amount on an investment account of $450 at an
annual simple interest rate of 3% at the end of 48 months?

Answer 1

The equation for simple interest is I = PRT. I = interest earned, P = principal/money invested, R = rate as a decimal, T = time in years.

I = (450)(0.03)(4)
I = 54

$54 is your answer