Simon invests $7000 into an account that earns 0.4% simple interest annually.

Which statement best describes the relationship between the number of years Simon has his money invested and the account balance in any year?
1:
The relationship is linear. His account increases each year by a constant value of $280.
2:The relationship is exponential. The ratio of his account balance any year to the previous year is 1.004.
3:The relationship is exponential. The ratio of his account balance any year to the previous year is 0.004.
4:The relationship is linear. His account increases each year by a constant value of $28.
The relationship is linear. His account increases each year by a constant value of $28.