If you put $1205.00 in an account that earns 2.5% simple interest. Find the total amount in the account after four years.

Question

Matias Schwartz

Mathematics

11 May, 02:49

If you put $1205.00 in an account that earns 2.5% simple interest. Find the total amount in the account after four years.

+1

Answers (1)

Know the Answer?

Abram Curtis · Answer 1

Given: $1205.00 money deposited in an account

2.5% simple interest

Asked: Find the total amount in the account after four years.

Solution: 2.5/100 = 0.025

1205 x 0.025 = 30.125

1205 + 30.125 = 1,235.125

1235.125 x 4 = 4,940.5

Answer: $4,940.5 the total amount in the account after four years