Answered

Westonci.ca is the Q&A platform that connects you with experts who provide accurate and detailed answers. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

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

We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.