vicentesanchez789
Answered

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Chase deposits $6,604.80 into a savings account that pays a simple annual interest rate of 3.22%. How much interest will he earn after 4 years?

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Sagot :

fieryanswererft

Answer:

$850.69824

Step-by-step explanation:

  • simple interest formula : (principal * rate of interest * time)/100

  • (6,604.80 * 3.22 * 4)/100

  • $850.69824
semsee45

Answer:

$850.70 (nearest cent)

Step-by-step explanation:

Simple interest formula:   A = P(1 + rt)

where:

  • A = final amount
  • P = principal (initial balance)
  • r = annual interest rate (in decimal form)
  • t = time (in years)

Given:

  • P = $6,604.80
  • r = 3.22% = 0.0322
  • t = 4 years

Substituting given values into the formula, and solving to find A:

⇒ A = 6604.8(1 + 0.0322 · 4)

       = 6604.8(1.1288)

       = $7455.50 (nearest cent)

Therefore, to find the amount of interest earned, subtract the principal from the final amount:

⇒ I = A - P

     = 7455.50 - 6604.80

     = $850.70 (nearest cent)

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