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. Jenkins's account at the end of 4 years?

Answer 1

Answer: $1,462.50

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Answer 2

Explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the amount deposited.

P represents the principal or amount deposited.

R represents interest rate

T represents the duration in years.

From the information given,

P = 1250

R = 4.25

T = 4 years

I = (1250 × 4.25 × 4)/100 = $212.5,

The total balance in the account at the end of 4 years would be

1250 + 212.5

= $1462.5