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Lera25 [3.4K]
2 years ago
12

1600 dollars is placed in an account with an annual interest rate of 5. 25%. How much will be in the account after 25 years, to

the nearest cent?.
SAT
1 answer:
Mumz [18]2 years ago
3 0

The amount of that will be in the account after 25 years is 370000 cents.

<h3 /><h3>What is simple interest?</h3>

The simple interest on an account is the kind of interest charge on a loan. It can be estimated by using the formula;

\mathbf{S.I = \dfrac{P \times R \times T}{100}}

\mathbf{S.I = \dfrac{1600 \times 5.25 \times 25}{100}}

S.I = $2100

After 25 years, the amount that will be in the account will be:

= Principal + simple interest

= $1600 + $2100

= $3700

To the nearest cent, we have:

= 370000 cents

Learn more about simple interest here:

brainly.com/question/25793394

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