Answer:
$160
Step-by-step explanation:
A = $1,160.00
I = A - P = $160.00
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 4%/100 = 0.04 per year.
Solving our equation:
A = 1000(1 + (0.04 × 4)) = 1160
A = $1,160.00
The total amount accrued, principal plus interest, from simple interest on a principal of $1,000.00 at a rate of 4% per year for 4 years is $1,160.00.
