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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?

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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

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