total balance = $367.50
interest = $67.50
A= $367.50
I = A - P = $67.50
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 2.5%/100 = 0.025 per year.
Solving our equation:
A = 300(1 + (0.025 × 9)) = 367.5
A = $367.50
The total amount accrued, principal plus interest, from simple interest on a principal of $300.00 at a rate of 2.5% per year for 9 years is $367.50.