Mathematics, 25.01.2022 02:50 colochaortiz20p7cajw
$500 at a simple interest rate of 3% for 4 years. Find the balance
Answers: 3
![~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$500\\ r=rate\to 3\%\to \frac{3}{100}\dotfill &0.03\\ t=years\dotfill &4 \end{cases} \\\\\\ A=500[1+(0.03)(4)]\implies A=500(1.12)\implies A=560](/tpl/images/2631/0339/b5d73.png)
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$500 at a simple interest rate of 3% for 4 years. Find the balance...
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