Answer:
Step-by-step explanation:
Given Data:
Starting Balance: $100 Annual Rate: 4% = 4/100 = 0.04
Time: 12 years =
The Simple Terms going to be used here:
I: Amount of money you will make in interest. This shouldn't be confuse with the interest rate, r.
r: It is the interest rate, And expressed as a percentage. we will always need to convert this number into a decimal by dividing it by 100. So, for example 5% becomes 0.05.
t: It is time in terms of years. I-e, a year will become 12 months.
p: It is the principal. That is how much you deposited in the bank or take from it.
Now Using The formula for the Solution:
I = p * r * t
I = 100*0.04*12
I = $48
Hence The amount left with all the sum will be
A total of: $100 + $48 = $148
