Answered

Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Discover a wealth of knowledge from professionals across various disciplines on our user-friendly Q&A platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Mitchell deposits $1,200 in an account that pays 1.5% simple interest. He keeps the money in the account for three years without any deposits or withdrawals. How much is in the account after three years?

Sagot :

fichoh

The simple interest is calculated as the product of the principal, rate and time. Hence, Mitchell will have $1254 in her account.

Given the Parameters :

  • Principal, P = 1200
  • Rate, r = 1.5%
  • Time, t = 3 years

Amount in account, A = P(1 + rt)

Amount in account = 1200(1 + 0.015 × 3)

Amount in account = 1200(1.045) = 1254

Therefore, Mitchell will have $1254 after 3 years

Learn more :https://brainly.com/question/25281429

abiolataiwo2015

The amount that will be in the account after three years is $1,254.00.

Using this formula

B = P+ ( P x R x T)

Where:

B=Amount ?

P=Principal=$1,200

r=Rate=1.5% or 0.015

T=Time=3 years

Let plug in the formula

B=$1,200+($1,200×0.015×3)

B=$1,200+$54

B= $1,254.00

Inconclusion the amount that will be in the account after three years is $1,254.00.

Learn more here:

https://brainly.com/question/20348538

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.