Given:
Principal = $1400
Simple rate of interest = 1.25%
Time = 6 month
To find:
The balance of the account after simple interest.
Solution:
The formula for simple interest is
Where, P is principal, r is the rate of interest in % and t is time in years.
Time = 6 months
= year
= 0.5 year
Putting 1400, r=1.25, t=0.5 years.
Now, the amount is
Therefore, the balance of the account after the simple interest is $1408.75.