Question

mr jenkins deposited $1,250 into an account. He made no additional deposits or withdrawals. Mr.jenkins earned 4.25% annual simple interest on the money in the account.What was the balance in dollars and cents in Mr jenkings acount at the end of 4 years????

Answer 1

Given data:

The given principal amount is P=$1,250.

The given rate is r=4.25%.

The given time is t=4 years.

The expression for the ammount after 4 years is,

`A=(P* r* t)/(100)+P`

Substitute the given values in the above expression.

`\begin{gathered} A=((1250)(4.25)(4))/(100)+1250 \\ =212.5+1250 \\ =1462.5 \end{gathered}`

Thus, the final amount after four years is $1462.5.