jon invests $4,100 into an account that pays 5 percent simple interest each year. what is the total balance…

jon invests $4,100 into an account that pays 5 percent simple interest each year. what is the total balance in the account after 3 years?\n$615.00\n$3,485.00\n$4,305.00\n$4,715.00

jon invests $4,100 into an account that pays 5 percent simple interest each year. what is the total balance in the account after 3 years?\n$615.00\n$3,485.00\n$4,305.00\n$4,715.00

Answer

Explanation:

Step1: Identify simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal

The annual interest rate $r = 5%=0.05$, the principal amount $P = 4100$, and the time $t = 3$ years.

Step3: Calculate the interest

$I=Prt=4100\times0.05\times3 = 4100\times0.15=615$.

Step4: Calculate the total balance

The total balance $A$ in the account is the sum of the principal and the interest, so $A=P + I=4100+615 = 4715$.

Answer:

D. $$4,715.00$