Given
Situation: $34,100 at 4% for 3 years
Formula and solutions:
=> 4% = 4% / 100% = 0.04
Since you did not mention if the 4% increase rate is per monthly or yearly. I
will assume it’s the annual interest rate.
=> 34 100 dollars * .04 = 1 364 dollar is the annual interest rate
=> 1 364 dollars * 3 years = 4 092 dollars is the total interest for 3
years.
