Answer: Final amount
Step-by-step explanation:
Final amount = Simple interest + Principal
=Principal x Rate x Time + Principal
= Principal (Rate x Time +1) [Simple interest =Principal x Rate x Time]
Given: Principal = $15,000, Rate = 1.5% = 0.015 [To conver % into decimal we divide it by 100]
Time = 5 years
Final amount = $(15000(0.015 ×5+1))
=$ (15000×1.075)
=$ 16125
Hence, there will be $16,125 in the account after 5 years if Julio makes no withdrawals or deposit.
