The balance of the account which earns annual simple interest of $250 at 4% for 1 year is $260
How to find simple interest?
- Principal, P = $250
- Interest rate, r = 4%
- Time, t = 1 year
Simple interest = principal × rate × time
= 250 × 4% × 1
= 250 × 0.04 × 1
= $10
Balance = Principal + Simple interest
= $250 + $10
= $260
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