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Popular Word Problems >

Theodore invests 1,000 at 15% simple interest for 1 year. How much is in the account at the end of the 1 year period?

Solution

T h eo d ore in v es t s 1, 000 a t 15% s im pl e in t eres t f or 1 ye a r . Ho w m u c h i s in t h e a cco u n t a t t h e e n d o f t h e 1 ye a r p er i o d ?

Solution

Amount : 1150

Solution steps

Translate the problem into an equation:

A = 1000 (1 + 0.15 \cdot 1)

1000 (1 + 0.15 \cdot 1) = 1150

Amount : 1150

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