Answer: you would withdraw $1150
Step-by-step explanation:
We would apply the formula for determining simple interest which is expressed as
I = PRT/100
Where
I represents interest paid on the amount deposited.
P represents the principal or amount deposited.
R represents interest rate
T represents the duration in years.
From the information given,
P = 1000
R = 3%
T = 5 years
I = (1000 × 3 × 5)/100 = $150
The amount that you would withdraw including principal and interest would be
1000 + 150 = $1150
Answer:8.6
Step-by-step explanation:
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