Question

Elena deposits $1,500 in a savings account that earns 3.0% simple interest per year. If no deposits or withdrawals are made during the year, how much money will be in her account after one year?

A.)$1,530
B.)$1,545
C.)$1,800
D.)$1,950

Answer 1

it’s B ($1,545).........

Answer 2

B.) $1,545

Explanation:

Formula:

A = (Prt) + P

Given:

P = 1500

r = 0.03

t = 1

Work:

A = (Prt) + P

A = (1500 * 0.03 * 1) + 1500

A = 45 + 1500

A = 1545