Question

How much money will be in a bank account after 3 years if $4.00 is deposited at an interest rate of 5%?
A. $4.60
B. $4.63
C. $4.88
D. $8.64

Answer 1

I=PRT
Interest=Principal times Rate times Time in years



given
time=3 years
principal=4.00
rate is 5% or 0.05

I=PRT
I=(4.00)(0.05)(3)
I=0.60

total

4+0.60=4.60

answer is A