Question

Meredith invests $18,200 in an account that earns 3 1/4% simple interest if Meredith does not make any additional deposits or withdrawals what will the balance in her account be after 15 years?

Answer 1

$27072.50
To find interest in a simple interest investment multiply (principal)*(rate)*(time)
18200*0.325*15=8872.50
Add 8872.50 and the principal to find the amount after 15 years
8872.50 +18200=27072.50