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1 April, 07:42

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

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  1. 1 April, 10:34
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    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
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