Question

$1400 at 1.25% for 3 years what is the balance of the account

Answer 1

Answer:

$\ 1,452.5$

Step-by-step explanation:

we know that

The simple interest formula is equal to

$A=P(1+rt)$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

$t=3\ years\\ P=\ 1,400\\r=0.0125$

substitute in the formula above

$A=\ 1,400(1+0.0125*3)$

$A=\ 1,400(1.0375)=\ 1,452.5$