Answer:
If this is compound interest and it is compouned annually,the answer is $1,685.91
If this is simple interest, the answer is $1,632.00
Step-by-step explanation:
Equation for compound interest.
[tex]A=P(1+\frac{r}{n})^{n*t}[/tex]
[tex]A=1200(1+\frac{0.12}{1})^{1*3}[/tex]
[tex]A=1685.91[/tex]
Equation for simple interest.
[tex]A=P(1+r*t)[/tex]
[tex]A=1200(1+0.08*3)[/tex]
[tex]A=1632.00[/tex]
