Question

Which formula can be used to find the account balance ??

Answer 1

It’s b since 3% times 250 equals 7.4 and 7.4 times 14 equals 105 so you add 105 to 250 and you get 355

Answer 2

Answer:

The correct answer is option C.

Step-by-step explanation:

Simple interest

S.I = $\frac{P\times R\times T}{100}$

P = Principal amount

R = Rate

T = Time period

We have:

P = $250

R = 3%

Amount present at beginning of year 14 means that amount made in 13 years of time period = A

T = 13 years

$A=P+S.I$

$A= \ 250+\frac{\ 250\times 3\times 13}{100}$

A = $347.50

The general formula of the given situation will be:

$A= \ 250+\ 250\times 0.03\times (n-1)$

The amount in beginning of year 14 wil be $347.50.