You deposit $20 in a savings account. The account earns 4% simple interest per year. What is the balance after 4 years?

$23.20

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 4%/100 = 0.04 per year,

then, solving our equation

I = 20 × 0.04 × 4 = 3.2

I = $ 3.20

The simple interest accumulated

on a principal of $ 20.00

at a rate of 4% per year

for 4 years is $ 3.20.

$23.20

Step-by-step explanation:

step-by-step explanation:

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