SOLUTION: $705 is deposited into a saving account that earns 3.5% simple interest for 4 years.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: $705 is deposited into a saving account that earns 3.5% simple interest for 4 years.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1075442: $705 is deposited into a saving account that earns 3.5% simple interest for 4 years.
Found 3 solutions by Lightning_Fast, ikleyn, Alan3354:
Answer by Lightning_Fast(78) About Me  (Show Source):
You can put this solution on YOUR website!
Simple interest.
4(705*1.35)
Repetitive interest on the initial deposit, no?

Answer by ikleyn(52771) About Me  (Show Source):
You can put this solution on YOUR website!
.
The amount at the account in 4 years is 705%2A1.035%5E4 = 809 dollars.


It looks like that "Lightning_Fast" knows nothing in Math.



Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
$705 is deposited into a saving account that earns 3.5% simple interest for 4 years.
--------
Do you have a question?
----
3.5% simple interest for 4 years = 14%
Amount after 4 years = $705*1.14 = $803.70