Question

At the beginning of year 1, Grace invests $350 at an annual simple interest rate of 4%. She makes no deposits or withdrawals from the account.
Which explicit formula can be used to find the account's balance at the beginning of year 12? What is the balance?

Answer 1

Step-by-step explanation:

Gracie invest $350 at the beginning of the 1 year at annual simple interest rate of 4%

the balance at the beginning of the year 12. Interest will be calculated for 11 years.

formula form simple interest : A = P(1+rt)

By putting the value : A = 350(1+0.004×11)

A=350(1.44)

$504.00