Question

As incentive for Gretchen to save the $3,000 she recently inherited, her parents tell her that they will pay her 15% simple annual interest on the amount that she saves. How much money will Gretchen have after 3 years if she saves all of the money she inherited?

Answer 1

Anyone please?

Answer 2

Simple Interest = PTR/100

Answer 3

Does that help?

Answer 4

Yeah thanks

Answer 5

4350 ??

Answer 6

Not quite, unless there's a typo.

Answer 7

What do you have for P, T and R?

Answer 8

P=3000
T=.15
R=3

Answer 9

Sorry, your answer $4350 was correct.
P=3000
T==3
R=0.15
But the formula should have been:
P(1+TR) for the total amount.