BirchD198046 BirchD198046

27-10-2022
Mathematics

Answered

Melanie invests $3,000 at 12% simple interest for 1 year. How much is in the account at the end of the 1 year period?

Answer :

EnmaW343152 EnmaW343152

27-10-2022

We have the following:

We must apply the simple interest formula which is the following:

[tex]A=P\cdot(1+rt)[/tex]

Where, P is the principal 3000

r is the interest rate 0.12

t is time in years

A is the total value

replacing:

[tex]\begin{gathered} A=3000\cdot(1+0.12\cdot1) \\ A=3000\cdot1.12 \\ A=3360 \end{gathered}[/tex]

The answer is $3360 at the end of the 1 year period

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