Answer:
A = $1,545.00
(I = A - P = $45.00)
Equation:
A = P(1 + rt)
Explanation:
First, converting R percent to r a decimal
r = R/100 = 4%/100 = 0.04 per year.
Putting time into years for simplicity,
9 months / 12 months/year = 0.75 years.
Solving our equation:
A = 1500(1 + (0.04 × 0.75)) = 1545
A = $1,545.00
The total amount accrued, principal plus interest, from simple interest on a principal of $1,500.00 at a rate of 4% per year for 0.75 years (9 months) is $1,545.00.
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