Answer:
$21,000
Step-by-step explanation:
(refer to attached for reference)
Assuming simple interest, the applicable formula is
A = P(1 + rt)
Where:
A = final amount (we are asked to find this)
P = Principal (Beginning amount) = $15,000
r = annual interest rate = 12% = 0.12 (i'm assuming that we are given annual rate)
t = time = 40 months = 3.333 years
Hence substituting all the above into the equation,
A = P(1 + rt)
A = (15,000) [1 + (0.12)(3.333)]
A = $21,000
