Answer:
Interest earned is $58.2
Amount in account is $544.2
Step-by-step explanation:
To calculate the simple interest, we make use of the simple interest formula.
Mathematically;
I= PRT/10”
whereI is the interest
P is the amount deposited which is the principal and is 485
R is the rate which is 3% or simply 3/100 = 0.03
T is time which is 4 years
Plugging the values, we have
I = (485 * 3 * 4)/100 = $58.2
The amount of money in the account will be the interest plus the principal.
This is $58.2 + 485 = $543.2
