An amount of $8,000 is invested at a simple interest rate of 1.5%. What Is the total amount after 3 years?

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Answer 1 · 2018-05-03T03:47:03

Total amount after three years#=$8.360#

Given -

Principal amount #p=$.8,000#
Rate of interest #r=1.5%#
Duration #n=3# years

Total amount after three years = Principal amount + Interest amount

Total amount after three years#=p + (pnr)=8000 +(8000xx1.5/100xx3)=8000+360=$8.360#

Total amount after three years#=$8.360#