Question

Max deposited $1200 into an account that pays simple interest at an annual rate of 4%. What is the value of his initial deposit after 3 years?

Answer 1

Hi,
Principal=$1200, R=3% pa, T=3 yrs
SI=PRT/100
SI=1200*4*3/100
SI=$144
Amount=SI+P
Amount=$144+$1200
Amount=$1344
Hope this helps you.