Question

The total amount of money in an account with P dollars invested in it is given by the formula A= P+Prt, where r is the rate expressed as a decimal and t is time (in years). If $320 is invested at 12%, how much money will be in the account after 15 months?

Answer 1

Answer:

The money in account after 15 months is $368.699    

Step-by-step explanation:

Given as :

The Principal = $320

The rate of interest = 12 %

The time period = 15 months = 1 + $\frac{3}{12}$ = $\frac{5}{4}$ =           1.25

Amount = principal $( 1 + \frac{Rate}{100})^{Time}$

Or, Amount = $320 $( 1 + \frac{12}{100})^{1.25}$

Or, Amount = ($320) (1.152)

Or,Amount = $368.699

Hence the money in account after 15 months is $368.699     Answer