SOLUTION: I deposit 2800 at 4% for 1 year how much will I earn at the end of year? what would be my account balance at end of year?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: I deposit 2800 at 4% for 1 year how much will I earn at the end of year? what would be my account balance at end of year?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 550937: I deposit 2800 at 4% for 1 year how much will I earn at the end of year? what would be my account balance at end of year?
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
I deposit 2800 at 4% for 1 year how much will I earn at the end of year?
Since it is for just one year, just multiply
I = .04(2800)
I = $112 earned in 1 yr
:
what would be my account balance at end of year? add the interest to the principal
2800 + 112 = $2912