= $ 32,275.00
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 4.85%/100 = 0.0485 per year,
putting time into years for simplicity,
24 quarters ÷ 4 quarters/year = 6 years,
then, solving our equation
A = 25000(1 + (0.0485 × 6)) = 32275
A = $ 32,275.00
The total amount accrued, principal plus interest,
from simple interest on a principal of $ 25,000.00
at a rate of 4.85% per year
for 6 years (24 quarters) is $ 32,275.00.
I found the choices that should have been included in this problem.
a) (1.5,26)
b) (2.25,30)
c) (5.5,88)
d) (7.25,110)
y = 16x
choice a. y = 16(1.5) = 24
choice b. y = 16(2.25) = 36
choice c. y = 16(5.5) = 88
choice d. y = 16(7.25) = 116
The correct answer is choice c. (5.5, 88)
You would do 66×3, which is 198