5) A savings account earns 4.5% annual simple interest. The principle is $1300. What is the balance after 3 years? *

$1483.52

Step-by-step explanation:

P=principle

Fn=total at the end of a given year(=n) (subscript)

I= interest in decimal

F=P(1+I)

at end of first year F1=P(1+I)

at end of second year F=F1(1+I)= P(1+I)(1+I)= P(1+I)^2

or in general Fn=P(1+I)^n

d

gimmee one of those gold crowns!

~coco