Help plssss I need to find mr pryor account balance

Question

06-04-2021
Mathematics

Answered

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Help plssss I need to find mr pryor account balance

Sagot :

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adefunkeadewole adefunkeadewole · Answer 1 · 2021-04-10T20:14:35-04:00

Answer:

$1,462.50

Step-by-step explanation:

We are to find the total amount after 4 years

Principal => $1,250

Rate => 4.25%

The formula to find the total amount =

A = P(1 + rt)

First, converting R percent to r a decimal

r = R/100 = 4.25%/100 = 0.0425 per year.

Solving our equation:

A = 1250(1 + (0.0425 × 4)) = 1462.5

A = $1,462.50

The total amount accrued, principal plus interest, from simple interest on a principal of $1,250.00 at a rate of 4.25% per year for 4 years is $1,462.50.

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