Respuesta :
Answer:
Total amount in Joe's savings account T = $448
Step-by-step explanation:
Given;
time t = 3 years
Annual rate r = 4%
Principal P = $400
Simple interest can be expressed as;
I = Prt/100
Substituting the given values;
I =400×4×3/100 = 4800/100
I = $48
Total amount in account T;
T = P + I = $400 + $48 = $448
Answer:
$448
Step-by-step explanation:
To calculate Joe's savings, we can use the formula for simple interest:
P = Po*(1+r*t)
Where P is the final value, Po is the inicial value, r is the interest and t is the time in years.
So, In our problem, we have that Po = 400, r = 4% and t = 3, then we can find P:
P = 400*(1+0.04*3)
P = 400*1.12 = $448
Joe has $448 in his savings.
