SOLUTION: You deposit $2100 in a savings account paying 5.5% simple interest. How much interest will you earn in 4 years? How much will be in your account at the end of 4 years?

Algebra ->  Finance -> SOLUTION: You deposit $2100 in a savings account paying 5.5% simple interest. How much interest will you earn in 4 years? How much will be in your account at the end of 4 years?      Log On


   

Question 1176281: You deposit $2100 in a savings account paying 5.5% simple interest.
How much interest will you earn in 4 years?
How much will be in your account at the end of 4 years?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

Hi
Question States:
I = P*r*t
I = $2100*.055t
I = 4, I = $2100*.055(4)= $462

How much will be in your account at the end of 4 years? 
$2100 + $462 = $2562

Wish You the Best in your Studies.