Enter 3 out of 4 below

<-- Accum Value
<-- Principal
<-- Interest %
<-- Time
      

Answer
Success!
Accumulated Value using Simple Interest = 1815

↓Steps Explained:↓

Given an initial balance of 1500,
an interest rate of 7%,
and time of 3

Calculate the Accumulated Balance
using Simple Interest:

Accumulated Value formula

AV = Principal * (1 + (int. rate * time))

Plug in our values

AV = 1500 * (1 + (0.07 * 3))

Simplify

AV = 1500 * (1 + 0.21)

AV = 1500 * 1.21

Calculate the total interest earned:

Total Interest Earned = Accumulated Value - Principal

Total Interest Earned = 1815 - 1500

Total Interest Earned = 315

Calculate the interest earned:

Interest per Period  =  Interest Earned
  t

Interest per Period  =  315
  3

Interest per period = 105

Final Answer

Accumulated Value using Simple Interest = 1815
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