You invest $1,000 in an account at 2.5% per year simple interest. How much will you have in the account after 4 years? Round you
r answer to the nearest whole dollar
2 answers:
Answer:
1000*(1,025)=1025 $ the 1st year
After 4 years, the account will be 4* 1025=4100
Answer:
Amount after 4 years = 1000+100=$1100
Step-by-step explanation:
To solve this, we will simply use the simple interest formula;
S.I = PRT/100
where p=principal
R=rate and T= time
S.I = simple interest
From the question
Principal=$1000
Rate = 2.5 and time=4
We can now proceed to inert the values into the equation
S.I = 1000×2.5×4 /100
Two zeros at the numerator will cancel-out the two zeros at the denominator, Hence;
S.I = 10×2.5×4
S.I =$100
Amount after 4 years = 1000+100=$1100
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