The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years was $ 1,462.50
Given that,
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.
We have to determine,
The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years.
According to the question,
Mr. Jenkins Initial deposit = $ 1,250
Interest rate = 4.25% = 0.0425
Time of investment = 4 years
To obtain simple interest using formula given below.
Amount = Principal (1 + rate × time)
Where
, A = final amount
P = initial principal balance
r = annual interest rate
t = time (in years)
Substitute all the values in the formula,
[tex]Amount = Principal( 1+ rate \times time)\\\\Amount = 1,250 (1 + 4 \times 0.0425)\\\\Amount = 1,250( 1+ 0.17)\\\\Amount = 1250 \times 1.17\\\\Amount= 1,462.50[/tex]
Hence, The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years was $ 1,462.50
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