Answered

Mr. Rose deposited $2,225

into an account. He made

no additional deposits or

withdrawals. Mr. Rose

earned 7.35% annual simple

interest on the money in the

account. What was the

balance in dollars and

cents in Mr. Rose's account

At the end of 4 years

Verified Answer :

Answer: $2,880.80

Step-by-step explanation:

To find the balance in Mr. Rose's account after 4 years with simple interest, we use the formula:

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Where:

- Principal (P) = $2,225

- Rate (R) = 7.35% or 0.0735 (in decimal)

- Time (T) = 4 years

\[ \text{Simple Interest} = 2225 \times 0.0735 \times 4 \]

\[ \text{Simple Interest} = 655.8 \]

Now, to find the total balance:

\[ \text{Total Balance} = \text{Principal} + \text{Simple Interest} \]

\[ \text{Total Balance} = 2225 + 655.8 \]

\[ \text{Total Balance} = 2880.8 \]

So, the balance in Mr. Rose's account at the end of 4 years is $2,880.80.

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