jeremiah deposits $1,600 in an account that pays 1.225% simple interest. he keeps the money in the account…

jeremiah deposits $1,600 in an account that pays 1.225% simple interest. he keeps the money in the account for 6 years without any deposits or withdrawals. how much is in the account after 6 years? multiple choice 1 point $1717.60 $117.60 $1721.26 $1485.94

jeremiah deposits $1,600 in an account that pays 1.225% simple interest. he keeps the money in the account for 6 years without any deposits or withdrawals. how much is in the account after 6 years? multiple choice 1 point $1717.60 $117.60 $1721.26 $1485.94

Answer

Explanation:

Step1: Identify the simple - interest formula

The formula for simple interest is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Here, $P=$1600$, $r = 0.01225$ (since $1.225%=0.01225$), and $t = 6$.

Step2: Calculate the interest

$I=Prt=1600\times0.01225\times6$. $I = 1600\times0.0735=$117.60$.

Step3: Calculate the total amount in the account

The total amount $A$ in the account is the sum of the principal and the interest, so $A=P + I$. $A=1600 + 117.60=$1717.60$.

Answer:

$1717.60$