Question

Trevor deposits $1500 in a simple interest account that pays 4. 3% annually. After 15 years, how much total money would be in the account?

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$1500\\ r=rate\to 4.3\%\to (4.3)/(100)\dotfill &0.043\\ t=years\dotfill &15 \end{cases} \\\\\\ A = 1500[1+(0.043)(15)] \implies A=1500(1.0645)\implies A = 2467.5`