Question

Vance invests S15,000 in an account that pays 3 1/4% simple interest for 72 months. Assuming Vance doesn't

make any other deposits or withdrawals, how much will be in his account after 72 months?

Answer 1

$15487.5

Explanation:

Using the formula for calculating the amount as;

Amount = Principal + Interest

Principal = $15,000

Get the interest

Interest = PRT/100

Interest = 15000*13/4 * 3/100 (72months = 3years)

Interest = 195000/400

Interest = $487.5

Amount = 15000 + 487.5

Amount= $15487.5

Hence he will have $15487.5 in his account after 72months