Answer:
$2,702.82
Step-by-step explanation:
The formula for simple interest is
I = Prt
where
I = interest amount
P = amount invested (the principal)
r = annual rate of interest
t = time in years
11.3% = 0.113 as a decimal
Now we use the formula to find the amount of interest earned.
I = $1,205 * 0.113 * 11
I = $1,497.82
The interest amount is $1,497.82.
Now we add the earned interest to the principal amount.
$1,205 + $1,497.82 = $2,702.82
