19. A savings account earns 4% annual simple interest.The principal is $1700. What is the balance after 6 years?

Answer

$2108.

Calculate the interest earned. A:Interest earned = Principal * rate * time = $1700 * 0.04 * 6 = $408.
Calculate the balance after 6 years. A:Balance = Principal + interest earned = $1700 + $408 = $2108.