Question

Perry deposits $175 into a simple interest account. The interest rate for the account is 4.25%. What would his final balance be in his account after 3 years?

Answer 1

Answer:

$197.31

Step-by-step explanation:

Given data

Principal= $175

Rate= 4.25%

TIme= 3 years

The expression for the simple interest is given as

A=P(1+rt)

substitute

A= 175(1+0.0425*3)

A= 175(1+0.1275)

A= 175(1.1275)

A= $197.31

Hence the balance will be $197.31