petepumacure1
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Troy invests $540 in a savings account that earns a simple interest
rate of 2.3% annually. How much money will Troy have in
the account after four years assuming he does not deposit or
withdraw any money?
please help:)

Troy invests 540 in a savings account that earns a simple interest rate of 23 annually How much money will Troy have in the account after four years assuming he class=

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crhinds1

wish i could help bro bro.

godislovetjj

Answer/step-by-step explanation:

Well, we first need to find out what 2.3 of $540 is.

540 x 2.3 = 1,242.

Now, we need to find what the yearly interest rate is over the course of four years.

1,242 x 4 = $4,968.

Therefore, Trey will have earned $4,968 after four years.

To complete this problem, we need to add this to his original balance, or $540.

4,968 + 540 = 5,508

Therefore, Trey would make a total of $5,508 after four years.

Hope this helps! :D