#1 - HINT - you are finding the total amount make sure you add the interest you calculate to the original deposit amount
2 answers:
Answer:
$292.50
Step-by-step explanation:
Equation - A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 2.5%/100 = 0.025 per year.
Solving our equation:
A = 260(1 + (0.025 × 5)) = 292.5
A = $292.50
The total amount accrued, principal plus interest, from simple interest on a principal of $260.00 at a rate of 2.5% per year for 5 years is $292.50.
Your Answer Should Be: A=$292.50
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