Question

Yolanda deposited 2130 into an account she made no additional deposites or withdrawals yolanda earned 4.25% annual simple interest on the money in her account What was the balance in dollars and cents in yolandas account at the end of 4 years

Answer 1

$2492.1

Explanation:

Step one

Given

Principal=$2130

rate= 4.25%= 0.0425

time = 4 years

Required:

The final amount in the account

Step two:

the expression for the final amount is

A= P(1+rt)

substitute

`A=2130(1+0.0425*4)\\\\A=2130(1+0.17)\\\\A=2130*1.17\\\\A=2492.1`