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  • 23-02-2017
  • Mathematics
Answered

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

Verified Answer :

Anonymous Anonymous
  • 23-02-2017

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.

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