Question

paul deposited 1,200$ into an account that earns 1.5% in annual simple interest. If paul does not make any deposites or withdrawls how much money will paul have in his account in 2 years?

Answer 1

The formula is
A=p (1+rt)
A future value?
P present value 1200
R interest rate 0.015
T time 2 years

A=1,200×(1+0.015×2)
A=1,236

Hope it helps!

Answer 2

1236.27 is the correct answer