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?

Question

Mathematics

Kyle Harmon

9 May, 22:08

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?

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Answers (1)

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Chain · Answer 1

First we need to know how much money that is in a year so

4.3% = 0.043

1500 x 0.043 = 64.5

so that's $64.5

so now we multiply 64.5 x 15 which is 967.5

So your answer is $967.5