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9 October, 02:18

At the end of 4 years, how much money would you have in total if you invested $300 and earned 4.5% simple interest? A. $313.50 B. $318 C. $327.75 D. $354

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  1. 9 October, 03:46
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    The account balance for principal amount P accumulating simple interest at the rate r over time period t is given by ...

    ... A = P (1 + rt)

    Fill in the given numbers and do the arithmetic.

    ... A = 300· (1 + 0.045·4) = 354

    The appropriate choice is: D. $354
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