Answer:
$312.
Step-by-step explanation:
We have been given that a person invests $260 at 4% annual interest. We are asked to find the approximate value of the investment at the end of 5 years.
We will use simple interest formula to solve our given problem.
[tex]A=P(1+rt)[/tex], where,
A = Amount after t years,
P = principal amount,
r = Annual interest rate in decimal form,
t = Time in years,
[tex]4\%=\frac{4}{100}=0.04[/tex]
[tex]A=\$260(1+0.04*5)[/tex]
[tex]A=\$260(1+0.20)[/tex]
[tex]A=\$260(1.20)[/tex]
[tex]A=\$312[/tex]
Therefore, the approximate value of the investment at the end of 5 years will be $312.
