Question

You deposit 1500 in a account that earns simple interest at an annual rate of 3 %. The total amount in an account eating simple interest after t years is given by the formula A=p+prt. How much is in the account after 5 years?

Answer 1

Answer: $1725

Step-by-step explanation:

Given : The total amount in an account eating simple interest after t years is given by the formula :

$A=p+prt$, where p is the principal amount , t is the time and r is the rate of interest.

For p= $1500 , r=3% =0.03 and t=5 years , we have

$A=1500+1500(0.03)(5)\\\\\Rightarrow\ A=1725$

Hence, the total amount in an account eating simple interest after 5 years is $1725

Answer 2

225 , 1500 / 100 = 15 , 15 * 3 = 45, 45 * 5 = 225