An amount of $8,000 is invested at a simple interest rate of 1.5%. Find the total amount after 3 years

Jadon Johnson

Jadon Johnson

Answered question

2022-11-18

An amount of $8,000 is invested at a simple interest rate of 1.5%. Find the total amount after 3 years

Answer & Explanation

petyelebxu

petyelebxu

Beginner2022-11-19Added 13 answers

Total amount after three years = Principal amount + Interest amount
Total amount after three years = p + ( p n r ) = 8000 + ( 8000 × 1.5 100 × 3 ) = 8000 + 360 = $ 8.360
Total amount after three years=$8.360

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