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20 December, 10:54

How much money will be in a bank account after 3 years if $4.00 is deposited at an interest rate of 5%?

A. $4.60

B. $4.63

C. $4.88

D. $8.64

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Answers (1)
  1. 20 December, 12:16
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    I=PRT

    Interest=Principal times Rate times Time in years

    given

    time=3 years

    principal=4.00

    rate is 5% or 0.05

    I=PRT

    I = (4.00) (0.05) (3)

    I=0.60

    total

    4+0.60=4.60

    answer is A
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