SOLUTION: Find the amount in a savings account that earns a simple interest rate of 4% after 3 years if $1000 was initially deposited. Please show steps. Thanks

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Question 730501: Find the amount in a savings account that earns a simple interest rate of 4% after 3 years if $1000 was initially deposited.
Please show steps. Thanks
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I=1000*0.04*3
I=120
120+1000=$1120