Solution
Simple interest is calculated with the following formula: S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years. The rate of interest is in percentage r% and is to be written as r/100.
here
P = $450
R = 5% = 0.05
T = n - 1
Since Amount = Principal + Interest
Interest = PRT
[tex]\begin{gathered} A(n)=450+\left(n-1\right)(450\times0.05) \\ \end{gathered}[/tex][tex]A(15)=450+(15-1)(450\times0.05)=\$765.00[/tex]
The correct option is C.
