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?
What do the 5 Xs above the number 2 represent?
P = Po + Po*r*T = 1250 + 1250*0.0425*4 =
What is the answer
WHATS THE ANSWER????
To find the balance in Mr. Jenkins's account at the end of 4 years, we can use the formula for calculating simple interest:
I = P * r * t
Where:
I = interest earned
P = principal amount (initial deposit)
r = interest rate
t = time (in years)
In this case, Mr. Jenkins deposited $1,250, so the principal amount (P) is $1,250. The interest rate (r) is 4.25%, or 0.0425 as a decimal. The time (t) is 4 years.
Let's substitute these values into the formula:
I = 1250 * 0.0425 * 4
I = 212.5
The interest earned over 4 years is $212.5.
To calculate the balance, we need to add the interest earned to the principal amount:
Balance = Principal + Interest
Balance = 1250 + 212.5
Balance = 1462.5
Therefore, the balance in Mr. Jenkins's account at the end of 4 years would be $1,462.50.