Yvonne put $4,000 in a savings account. At the end of 3 years, the account had earned $960 in simple interest.

How much does she have in her account at the end of 3 years?

At what annual simple interest rate did the account grow? Show your work.

How many more dollars would she have in her account if the interest rate were 1% greater? Show your work.

Question

Mathematics

Cohen Mata

22 December, 12:56

Yvonne put $4,000 in a savings account. At the end of 3 years, the account had earned $960 in simple interest.

How much does she have in her account at the end of 3 years?

At what annual simple interest rate did the account grow? Show your work.

How many more dollars would she have in her account if the interest rate were 1% greater? Show your work.

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Answers (1)

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Carmen Freeman · Answer 1

At the end of three years she would have $4,960. (4,000+960)

From all the calculations i did, it seems somewhere between. 66% and. 67% is the interest rate because it comes close to the 960 amount. but i dont know for sure.

(im using the. 66% percent for this last question) so first i added the 1% to the. 66% so that makes 1.66%. you then would multiple that percent by 4,000 so it sums up 66.4. multiple 66.4 by 36 (3 years is 36 months) and you get 2,390.40 you would lastly subtract 960 from 2,390.40 and get 1,430. so she would of had $1,430 more if the interest rate was 1% greater.

(I know the answers may be wrong but i know the process (steps) are correct)