An amount of $8,000 is invested at a simple interest rate of 1.5%. What is the total amount after three years?

Question

Teeny

Mathematics

15 November, 14:03

An amount of $8,000 is invested at a simple interest rate of 1.5%. What is the total amount after three years?

+5

Answers (2)

Know the Answer?

Conner Scott · Answer 1

If you're looking for the interest the answer would be:

i=8,000*.015*3

i=360.

The interest would be $360 dollars.

The balance would be 8,000+360 = $8,360

Averi Morgan · Answer 2

You do $8000 (1.50) ^3

with 3 being the amount of years. which ends up being $27,000 after three years