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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?

The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years was $ 1,462.50

Given that,

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.

We have to determine,

The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years.

According to the question,

Mr. Jenkins Initial deposit = $ 1,250

Interest rate = 4.25% = 0.0425

Time of investment = 4 years

To obtain simple interest using formula given below.

Amount  = Principal (1 + rate × time)

Where , A = final amount

P = initial principal balance

r = annual interest rate

t = time (in years)

Substitute all the values in the formula,

Hence, The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years was $ 1,462.50

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The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years was $ 1,462.50

Step-by-step explanation:

1. Let's review the information given to us to answer the question correctly:

Initial deposit = $ 1,250

Interest rate = 4.25% annual simple = 0.0425

Time of investment = 4 years

2. What was the balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years?

Let's recall the simple interest formula, as follows:

A = P * (1 + rt), where:

A = final amount

P = initial principal balance

r = annual interest rate

t = time (in years)

Replacing with the values we know:

A = P * (1 + rt)

A = 1,250 * (1 + 4 * 0.0425)

A = 1,250 * 1.17

A = 1,462.50

The balance in dollars and cents in Mr. Jenkins’s account at the end of 4 years was $ 1,462.50

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