Mr. Jenkins deposited $1,250 into an account. He made no additional deposits or withdrawals.Mr. Jenkins earned 4.25% annual simp

Question

2 years ago

6

le 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?

2 answers:

Neporo4naja [7] · Answer 1 · 2022-06-04T09:06:00+03:00

Answer:

Step-by-step 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

kolbaska11 [484] · Answer 2 · 2022-06-04T06:46:25+03:00

3 0

Answer: $1,462.50

Step-by-step explanation: Can you help answer my question please? Just go to my profile and it was My most recently asked question.