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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? help asap

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.

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