Question

If you put $1205.00 in an account that earns 2.5% simple interest. Find the total amount in the account after four years.

Answer 1

Given: $1205.00 money deposited in an account
2.5% simple interest
Asked: Find the total amount in the account after four years.
Solution: 2.5/100= 0.025
1205 x 0.025 = 30.125
1205 + 30.125 =1,235.125
1235.125 x 4 = 4,940.5
Answer: $4,940.5 the total amount in the account after four years