Rachel hikes at a steady rate from a ranger station to a campground that is 20 mi away. After 2 h, she is 13 mi from the campgro

Step-by-step explanation:

Let 'P' represent the principal amount

'R' will stand for the interest rate

'T' indicates the time period

P = $1000

R = 3%

T = 4 years

We can compute the simple interest using,

Interest = (P x R x T) / 100

= (1000 x 3 x 4) / 100

= 12000 / 100

= $120

Thus, the simple interest over 4 years totals $120.

Total amount = P + Interest

= 1000 + 120

= $1120

Consequently, the account will have $1120 after 4 years.