Question

You deposit 1500 in an account that earns simple interest at an annual rate of 3%

The total amount(principle plus interest) in an account earning simple interest after t years is given by the formula A=p+ Prt. How much is in the account after 5 years

Answer 1

The amount  in the account after 5 years based on simple interest is 1,725

What is the formula for  the total amount based on simple interest?

The total amount in the account based on simple interest at every point in time can be determined as shown below:

A=P+PRT

A=total amount=unknown

P=principal=1500

R=interest rate per year=3%

T=number of years that deposit lasted=5

A=1500+(1500*3%*5)

A=1500+225

A=1,725

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