If you invest 1200into an account that pays 13.2%simple interest what is the balance of the account in 4 years

Question

Mathematics

Jaylin

26 December, 18:50

If you invest 1200into an account that pays 13.2%simple interest what is the balance of the account in 4 years

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Katelynn Wallace · Answer 1

Here's something I've learned in school, an equation. I = prt

I = interest

P = principle

R = Interest Rate

T = Time (Years)

p = 1200

r = 13.2%, written as 0.132

t = 4 years

I = 1200 (0.132) (4)

I = 633.60

1200 + I

$1833.60 in 4 years.