The formular for finding the amount on a simple interest given the principal, the time, and rate is
[tex]A=P(1+\frac{RT}{100})[/tex]The given Principal, P=$750; Rate, R=2%; Time, T= 1year
Substituting the given parameters in the formula to calculate the Amount A
[tex]\begin{gathered} A=750(1+\frac{2\times1}{100}) \\ A=750(1+0.2) \\ A=750(1.2) \\ A=\text{ \$900} \end{gathered}[/tex]Hence, the amount of money in dollars in Paloma's account after 1 year is $900
