Answer:
<u>The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years was $ 1,462.50</u>
Step-by-step explanation:
1. Let's review the information given to us to answer the question correctly:
Initial deposit = $ 1,250
Interest rate = 4.25% annual simple = 0.0425
Time of investment = 4 years
2. What was the balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years?
Let's recall the simple interest formula, as follows:
A = P * (1 + rt), where:
A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
Replacing with the values we know:
A = P * (1 + rt)
A = 1,250 * (1 + 4 * 0.0425)
A = 1,250 * 1.17
A = 1,462.50
<u>The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years was $ 1,462.50</u>
