Question

Mr. Jenkins deposited $4,250 into an account. He made no additional deposits or withdrawals. Mr. Jenkins earned 2.25% annual simple interest on the money in the account. What was the balance in dollars and cents in Mr. Jenkins's account at the end of 6 years?

Answer 1

Answer:

$4,823 75cents

Step-by-step explanation:

First we need yo calculate the interest on amount deposited after 6years.

Using the formula for calculating simple interest as shown;

SI = Principal × Rate × Time/100

Given

Principal = amount deposited = $4,250

Rate = 2.25%

Time = 6years

SI = 4,250×2.25×6/100

SI = 57,375/100

SI = $573.75

Amount after 6years = Principal+Interest

= $4,250+$573.75

= $4823.75

Hence the balance in dollars and cents in Mr. Jenkins's account at the end of 6 years is $4,823 75cents