At the beginning of year 1, bode invests $250 at an annual simple interest rate of 3%. he makes no deposits to or withdrawals from the account. which explicit formula can be used to find the account’s balance at the beginning of year 14? what is the balance?
a. a(n) = (250)(n – 1)(0.03); $97.50 b. a(n) = 250 + (n)(0.03 • 250); $355.00 c. a(n) = 250 + (n – 1)(0.03); $250.39 d. a(n) = 250 + (n – 1)(0.03 • 250); $347.50