Answer:
FV= $1,545
Step-by-step explanation:
Giving the following information:
Elena deposits $1,500 in a savings account that earns 3.0% simple interest per year.
<u>To calculate the nominal value of the account after one year, we need to use the following formula:</u>
FV= (P*r*t) + P
FV= future value
P= principal
r= interest rate
t= 1
FV= (1,500*0.03*1) + 1,500
FV= $1,545
Answer:
7,720
Step-by-step explanation: