Question

If I invest 15,000 at 10% simple interest for one year how much is in the account at the end of the first year

Answer 1

Given

The invesment is 15000 at 10% simple interest for 1 year.

To find:

The amount in the account at the end of the first year.

Explanation:

It is given that,

The invesment is 15000 at 10% simple interest for 1 year.

That implies,

The amount in the account at the end of the first year is,

$\begin{gathered} A=P+SI \\ A=15000+\frac{15000\times1\times10}{100} \\ A=15000+1500 \\ A=16500 \end{gathered}$

Hence, the amount in the account at the end of the first year is, $16500.