Answer:
[tex]\$1,452.5[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=3\ years\\ P=\$1,400\\r=0.0125[/tex]
substitute in the formula above
[tex]A=\$1,400(1+0.0125*3)[/tex]
[tex]A=\$1,400(1.0375)=\$1,452.5[/tex]
