1. Principal amount = $1500
2. Rate of interest = 7.25% (or 0.0725 as a decimal)
3. Time period = 3 years
Simple Interest = Principal × Rate × Time
Simple Interest = $1500 × 0.0725 × 3
Simple Interest = $326.25
Total amount after 3 years = Principal + Simple Interest
Total amount = $1500 + $326.25
Total amount = $1826.25
Therefore, David will have $1826.25 in his bank account after 3 years with a simple interest rate of 7.25%.
