Question

If Valerie deposited 12,000 into an account threat earns 15% simple annual interest how much money will she have after 3 years

Answer 1

The amount which she will have into account after 3 years is 17,400 unit

Explanation:

Given as :

The principal which is deposited into an account = 12,000 unit

The rate of interest simple annual = 15%

The Time period = 3 years

Let The amount which she have after 3 years = A unit

From simple Interest method

Simple Interest =
`(Principal* Rate* Time)/(100)`

Or , Simple Interest =
`(12,000* 15* 3)/(100)`

Or, Simple Interest =
`(540,000)/(100)`

∴ Simple Interest = 5,400 unit

Now,

Amount = Principal + Simple Interest

Or, A = 12,000 unit + 5,400 unit

∴ A = 17,400 unit

Hence The amount which she will have into account after 3 years is 17,400 unit . Answer