Question

A $4000 deposit in an account after 1 year with an APR of 3.6. How much is the balance after 1 year?

Answer 1

Hi!
Let's divide 4000 by 1000 to see what .1% would be: $4.
Now we multiply 4 by 36 to get 3.6% of 4000: $ 144
Add 4000 and 144 together:40144.
hope this helps!