Im just inherited a large amount of money. He decided to deposit his money at the local bank to earn interest. Jim deposits a total of $32,586 in the bank. The local bank is willing to offer him an interest rate of 4% if he agrees to keep the money in the account for 3 years. What is Jim’s balance at the end of 3 years?

I=Prt

I = unknown

P = 32,586

r = 4% (this has to be written as a decimal, 0.04)

t = 3

Plug in the values and solve.

I = (32586)(.04)(3)

Question 6 options:

A. The interest is $910.32 + original balance 2,586 = 6.32

B. The interest is 10.32 + original balance 586 = $496.32

C. The interest is $3,910.32 + original balance 32,586 = $36,496.32

D. The interest is $3, + original balance 6 = $3