Answer:
$6370
Explanation:
The simple interest formula gives us the final amount A given the principal amount P:
[tex]A=P(1+rt)[/tex]where r is the interest rate and t is the time interval.
Now in our case we have
P = 2800
r = 4.25/100
t = 30 years
therefore, the above formula gives
[tex]A=2800(1+\frac{4.25}{100}\cdot30)[/tex]which simplifies to give
[tex]\boxed{A=\$6370}[/tex]Hence, the account balance after 30 years will be $6370.
