Question

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?

Answer 1

Solution :-

we know that,

• SI = (P * R * T)/100
• A = P + SI .

so,

→ SI = (1250 * 4.25 * 4)/100

→ SI = $212.5

then,

→ Amount = P + SI = 1250 + 212.5 = $1462.5 .

now, we know that,

• 1 dollar = 100 cents .

therefore,

→ 0.5 dollar = 100 * 0.5 = 50 cents .

Hence, Mr.Jenkins's has $1462 and 50 cents in the account.

Learn more :-

CI in 2yr is Rs. 1600 and in 3 yrs it will be Rs. 1700. Find the rate of interest.

https://brainly.in/question/32463301

Answer 2

Answer:1,000

Step-by-step explanation:

 1,462.50