Tim T. answered • 04/25/19

Math: K-12th grade to Advanced Calc, Ring Theory, Cryptography

Greetings! Lets solve this shall we ?

Let the formula for Simple Interest be I = Prt.

First we must find the interest added to the initial amount of money. Then,

I = (1200)(.03)(4). We use .03 as the rate because it is initially expressed as a percent. We multiply the numbers to get I = $144. Finally, we add the $144 to the 1200 to obtain the total amount in the account after 4 years such that

1200 + 144 = **$1344**

I hope this helped!

Eve L.

Thanks!06/07/20