Question

Joy invests $15,000 at 3% simple interest for 6 year. How much is in the account at the end of the 6 years period?

Answer 1

`\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$15000\\ r=rate\to 3\%\to (3)/(100)\to &0.03\\ t=years\to &6 \end{cases} \\\\\\ A=15000(1+0.03\cdot 6)`