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 account at the end of 4 years?
Answers
Given :- 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.
To Find :- What was the balance in dollars and cents in Mr. Jenkins account at the end of 4 years ?
Answer :-
→ Total interest recieved by Mr. Jenkins at the end of 4 years = (sum * rate * time)/100 = (1250 * 4.25 * 4)/100 = $212.50 .
then,
→ Balance in account at the end of 4 years = sum + interest = 1250 + 212.50 = $1462.50 .
now, we know that,
→ 1 dollar = 100 cents .
→ 0.50 dollar = 0.50 * 100 = 50 cents .
hence, the balance in Mr. Jenkins account at the end of 4 years is $1462 and 50 cents .
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