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Raphael deposited $6,500 in an account that pays 4.25% interest, compounded annually. He left the money in the account for 4 years, without depositing money to it or withdrawing money from it. At the end of the 4 years, how much interest in dollars and cents did the account earn? Record your answer and fill in the bubbles on your answer document. Be sure to use the correct place value.

Respuesta :

Naseeem88

Answer:

$1105

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 4.25%/100 = 0.0425 per year,

then, solving our equation

I = 6500 × 0.0425 × 4 = 1105

I = $ 1,105.00

The simple interest accumulated

on a principal of $ 6,500.00

at a rate of 4.25% per year

for 4 years is $ 1,105.00.

The  interest in dollars and cents did the account earn should be considered as the $1,105.

Calculation of the interest in dollars:

Since deposited amount is $6,500

The interest rate should be 4.25%

The time period is 4 years

So here the interest should be like

= ($6,500) (4.25%) (4)

= $1,105

hence, The  interest in dollars and cents did the account earn should be considered as the $1,105.

Learn more about interest rate here: https://brainly.com/question/24656271

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