Final answer:
To find the total value of $1500 invested at a simple interest rate of 2.6% for 3 years, you calculate the interest ($117) and add it to the principal to get a total future amount of $1617.
Step-by-step explanation:
To determine the total value of $1500 invested for 3 years in a simple interest account that pays 2.6% annually, you can use the simple interest formula: Interest = Principal × Rate × Time. In this case, the principal (P) is $1500, the rate (R) is 2.6% or 0.026 when expressed as a decimal, and the time (T) is 3 years.
First, calculate the simple interest:
Interest = $1500 × 0.026 × 3 = $117
Now we can find the total future amount, which is the sum of the principal and the simple interest:
Total future amount = Principal + Interest
Total future amount = $1500 + $117 = $1617
The total value of the investment after 3 years, with the interest earned, will be $1617.