Question

1. An account is opened with a balance of $2800
earning 4.25% simple interest. What will be the
balance in the account in 30 years?

Answer 1

Answer:

• The simple interest in the account will be $3570 and the total amount including principle and simple Interest  will be $6370

Step-by-step explanation:

firstly ,

Given That

principal(p)=$2800

Rate(R)=4.25%

Time(T)=30 years

now , we have from formula

simple interest (S.I)=   P × T ×R / 100

    =   (2800×30×4.25)    /   100

    =  $3570  

Therefore , Simple Interest in 30 years will be $3570

now , we know

Amount(A) =  Principal (P) + Interest (I)

                 =    $2800 + $3570

                   = $ 6370

Therefore the simple interest in 30 years will be $3570 and the total amount in the bank will be $6370 .