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Mr. jenkins deposited $1,250 into an account. he made no additional deposits or withdrawals. mr. jenkins earned 4.25% annual simple interest on the money in the account. what was the balance in dollars and cents in mr. jenkins's account at the end of 4 years? question 12 options:
Mr. jenkins deposited $1,250 into an account. he made no additional deposits or withdrawals. mr. jenkins earned 4.25% annual simple interest on the money in the account. what was the balance in dollars and cents in mr. jenkins's account at the end of 4 years? question 12 options: A. $212.50
B. $1,462.50
C. $1,250
D. $425.00
Final answer:Mr. Jenkins's balance after 4 years is b. $1,462.50, which includes his initial deposit and the interest earned at 4.25% annual simple interest over that period.Explanation:Mr. Jenkins deposited $1,250 and earned 4.25% annual simple interest over 4 years. Simple interest is calculated using the formula:I = P times r times twhereIis the interest,Pis the principal amount,ris the rate of interest per annum, andtis the time period in years.For Mr. Jenkins's account:P = $1,250r = 0.0425 (4.25% per annum)t = 4 yearsInterest (I) = $1,250 times 0.0425 times 4= $212.50The total balance can be calculated as:Total Balance = Principal + InterestTotal Balance = $1,250 + $212.50Total Balance = $1,462.50Therefore, the balance in Mr. Jenkins's account at the end of 4 years is $1,462.50, which corresponds to option B....