Answer:
The amount after a time period of 5 years is $287.5.
Step-by-step explanation:
Principal Amount deposited = $250
Time = 5 Years
Rate of interest = 3%
Now, SIMPLE INTEREST = [tex]\frac{P \times R \times T}{100}[/tex]
⇒[tex]SI = \frac{250 \times 3 \times 5}{100} = 37.5[/tex]
or, the interest amount after 5 years = $37.5
Now, AMOUNT = PRINCIPAL + INTEREST
= $250 + $37.5 = $287.5
Hence the amount after a time period of 5 years is $287.5.
