The amount of that will be in the account after 25 years is 370000 cents.
What is simple interest?
The simple interest on an account is the kind of interest charge on a loan. It can be estimated by using the formula;
[tex]\mathbf{S.I = \dfrac{P \times R \times T}{100}}[/tex]
[tex]\mathbf{S.I = \dfrac{1600 \times 5.25 \times 25}{100}}[/tex]
S.I = $2100
After 25 years, the amount that will be in the account will be:
= Principal + simple interest
= $1600 + $2100
= $3700
To the nearest cent, we have:
= 370000 cents
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