SOLUTION: Jane deposits $400 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 4 years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Jane deposits $400 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 4 years?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 570858: Jane deposits $400 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 4 years?
Answer by JBarnum(2146) About Me  (Show Source):
You can put this solution on YOUR website!
1st year: .04(400)=16
2nd year: .04(416)=16.64
3rd year: .04(432.64)=17.2056
4th year: .04(449.9456)= 17.9978
16%2B16.64%2B17.2056%2B17.9978=highlight%2867.84%29