Question

Yolanda deposited $2,130 into an account. She made no additional deposits or withdrawals. Yolanda earned 4.25% annual simple interest on the money in the account.

What was the balance in dollars and cents in Yolanda's account at the end of 4 years

Answer 1

$2492.10

Explanation:

• Deposit amount = $2130
• Interest rate = 4.25% annual simple
• Time = 4 years

Balance at the end of 4 years:

• $2130*(1 + 4*0.0425) = $2492.10