Answer:
The balance of the account is $1335.6
Step-by-step explanation:
To find the new balance of the account after 212 years, we use simple interest formula to calculate that.
Principal = 450
Rate = 0.35% quarterly = (0.35*4) annually = 1.4% = 1.4 / 100 = 0.014
Reason why the rate was converted from quarterly to annually is because simple interest are calculated annually
T = 212 years
Simple Interest (S.I) = ?
S.I = PRT
S.I = 450 * 0.014 * 212
S.I = $1335.6
The balance of the account after 212 years is $1335.6
