Answer:
a. $36
b. $336
Step-by-step explanation:
The simple interest on a amount is:
A=P(1+rt)
A is the amount after interest, P is the amount before interest, r is the rate of interest and t is the time in years.
a.
We can use the formula:
\(=300\cdot{(1+0.04\cdot{3})}=300\cdot{1.12}=336\)
The interest earned is the amount after interest minus the original amount before interest:
\(=336-300=36\)
$36 of interest was earned
b.
The balance of the account is $336 worked out in a
