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An account earns annual simple interest. Find the balance of
the account.
$250 at 4% for 1 year

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Answer :

ADIOABIOLAGO

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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