mr. jenkins deposited $1,250 into an account. he made no additional deposits or withdrawals. mr. jenkins…

mr. jenkins deposited $1,250 into an account. he made no additional deposits or withdrawals. mr. jenkins earned 4.25% annual simple interest on the money in the account. what was the balance in dollars and cents in mr. jenkinss account at the end of 4 years?

mr. jenkins deposited $1,250 into an account. he made no additional deposits or withdrawals. mr. jenkins earned 4.25% annual simple interest on the money in the account. what was the balance in dollars and cents in mr. jenkinss account at the end of 4 years?

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. Here, $P=$1250$, $r = 4.25%=0.0425$, and $t = 4$ years.

Step2: Calculate the interest

$I=Prt=1250\times0.0425\times4$ $I = 1250\times0.17$ $I = 212.5$

Step3: Calculate the account balance

The account balance $A$ is the sum of the principal $P$ and the interest $I$. So, $A=P + I$. $A=1250+212.5$ $A = 1462.50$

Answer:

$1462.50$