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3 March, 06:19

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. Jenkins's account at the end of 4 years?

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Answers (2)
  1. 3 March, 06:51
    0
    Step-by-step explanation:

    1250 (1 +.0425*4)
  2. 3 March, 09:39
    0
    Answer: $1462.50 See below

    Step-by-step explanation:

    Initial deposit = $ 1,250

    Interest rate = 4.25% annual simple = 0.0425

    Time of investment = 4 years

    simple interest formula is:

    A = P * (1 + rt), where:

    A = final amount

    P = initial principal balance

    r = annual interest rate

    t = time (in years)

    A = 1,250 * (1 + 4 * 0.0425)

    A = 1,250 * 1.17

    A = 1,462.50
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