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Vlad1618 [11]
3 years ago
7

You invest $1000 in an account at 2.5% per year simple interest. How much will you have in the account after 3 years? Round to t

he nearest whole dollar. A: $3250 B: $1075 C: $1088 D: $1163
Mathematics
2 answers:
AURORKA [14]3 years ago
8 0

Answer:

The amount in the account after 3 years is $1075 .

Option (B) is correct.

Step-by-step explanation:

Formula

Simple\ interest = \frac{Principle\times rate\times time}{100}

As given

You invest $1000 in an account at 2.5% per year simple interest.

Principle = $1000

rate = 2.5 %

Time = 3 years

Put in the formula

Simple\ interest = \frac{1000\times 2.5\times 3}{100}

Simple\ interest = \frac{7500}{100}

Simple interest = $75

Amount in the account = Principle + simple interest

                                      = $1000 + $75

                                      = $1075

Therefore the amount in the account after 3 years is $1075 .

Option (B) is correct.


denis23 [38]3 years ago
6 0
<span>Interest = Principle * rate * time
I = PRT

</span><span>P = 1000
R = 2.5% -- change to a decimal = .025
T = 3
</span>
<span> now we sub I = PRT
I = (1000)(.025)(3)
I = 75
 so at the end of 3 years, there will be : 1000 + 75 = $ 1075 in the account</span>
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