Sandy put $1000 in a savings account which pays 3% interest per year. After four years how much money will

After four years, Sandy’s account will show $1464.1

Step-by-step explanation:

Sandy deposited $1000 in a savings account with a 3% interest rate yearly. We now need to determine the total balance after four years without any additional deposits or withdrawals. Let’s calculate:

For the amount after year 1:

⇒

For the amount after year 2:

⇒

For the amount after year 3:

⇒

For the amount after year 4:

⇒

Therefore, after 4 years, Sandy’s account will have $1464.1

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.