Answer:
Step-by-step explanation:
The formula for simple interest is expressed as
I = PRT/100
Where
I represent the interest
P represents the principal or amount invested
R represents interest rate on the principal.
T represents time in years.
From the information provided,
P = $250
R = 16%
T = 18 years
Therefore
I = (250 × 16 × 18)/100 = $720
Total amount after 18 years would be 250 + 720 = $970
