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The total amount of money in an account with P dollars invested in it is given by the formula A= P+Prt, where r is the rate expressed as a decimal and t is time (in years). If $320 is invested at 12%, how much money will be in the account after 15 months?

Answer :

Answer:

The money in account after 15 months is $368.699    

Step-by-step explanation:

Given as :

The Principal = $320

The rate of interest = 12 %

The time period = 15 months = 1 + [tex]\frac{3}{12}[/tex] = [tex]\frac{5}{4}[/tex] =           1.25

Amount = principal [tex]( 1 + \frac{Rate}{100})^{Time}[/tex]

Or, Amount = $320 [tex]( 1 + \frac{12}{100})^{1.25}[/tex]

Or, Amount = ($320) (1.152)

Or,Amount = $368.699

Hence the money in account after 15 months is $368.699     Answer

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