SOLUTION: You put $4,750 into a bank paying 1.4% simple interest per year. Suppose you don’t take anything out of the account. How much do you have after two years?

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Question 352182: You put $4,750 into a bank paying 1.4% simple interest per year. Suppose you don’t take anything out of the account. How much do you have after two years?

Answer by sofiyac(695) About Me  (Show Source):
You can put this solution on YOUR website!
The formula for simple interest is I=Prt
I-interest-amount we are trying to find
P-principal=4750
r-rate of growth(interest paid on the amount as a number [not percents])-to convert percent to a number you divide the percent by 100. So 1.4/100=0.014
t-time in years=2
SO
I=4750%2A0.014%2A2=133