Colin received a bonus check for 2,500$. He is going to deposit the money into his bank account that receives 5.5% simple interest. What is his balance after one year?

A. $2,637.50

B. $2,373.50

C. $2,813.50

D. None of these choices

This is the concept of financial mathematics, the simple interest rate is given by:

S. I. = (PRT) / 100

where:

P=principle=$2500

R=rate=5.5%

T=time=1 year

Hence;

S. I. = (5.5*2500.1) / 100

=$137.5

Thus the total amount he had after 1 year will be:

2500+137.5

=$2,637.5