You deposit $1000 in an account that earns 2.5% per year simple interest. The equation that represents this situation is:

A (n) = 1000 + (n - 1) (0.025 • 1000)

How much will you have in the account at the beginning of the 4th year? Round your answer to the nearest dollar.

A. $3250

B. $1088

C. $1163

D. $1075

Question

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Kolby Dennis

21 December, 23:57

You deposit $1000 in an account that earns 2.5% per year simple interest. The equation that represents this situation is:

A (n) = 1000 + (n - 1) (0.025 • 1000)

How much will you have in the account at the beginning of the 4th year? Round your answer to the nearest dollar.

A. $3250

B. $1088

C. $1163

D. $1075

+5

Answers (1)

Know the Answer?

Abbey Acosta · Answer 1

The answer is $1075. The way to figure this out is to plug in 4 for n, which represents the number of years. A (4) = 1000 + (4 - 1) * (0.025 * 1000) A (4) = 1000 + 3 * 25 = $1075