Stefany opens a bank account she deposit $500 with a simple interest rate of 3. 5% for 4 years how much is her ending balance at the end of 4 years

Answers

Answer 1

Stefany opens a bank account, deposits $500 with a simple interest rate of 3.5% for 4 years, and the total interest earned is then calculated as Stefany's ending balance at the end of 4 years is $570.

According to the given information:

Then, her ending balance at the end of 4 years can be calculated with this information. A simple interest formula is used to determine the interest earned, which is as follows:

I = PRT

Where, '

I = Interest

P = Principal amount

= Rate of interest

= Time period

In this problem,

I =?

P = $500

R = 3.5%

T = 4 years

By substituting these values in the formula, we get; I = PRT= 500 × 0.035 × 4

= $70

So, the interest earned after 4 years is $70.

Then, we can find her ending balance by adding the interest earned to the principal amount.

Ending balance = Principal amount + Interest

= $500 + $70

= $570

Therefore, Stefany's ending balance at the end of 4 years is $570.

To know more about simple interest formulas visit:

https://brainly.com/question/1173061

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********************************************************

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Your answer

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