How much money would you have in your savings balance after 3 years if you initially invested $900 and had an interest rate of 1

Question

Virty [35]

2 years ago

6

How much money would you have in your savings balance after 3 years if you initially invested $900 and had an interest rate of 1

%?
$

Mathematics

1 answer:

denis-greek [22] · Answer 1 · 2023-10-07T19:20:20+03:00

denis-greek [22]2 years ago

8 0

assuming simple interest

$~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$900\\ r=rate\to 1\%\to \frac{1}{100}\dotfill &0.01\\ t=years\dotfill &3 \end{cases} \\\\\\ A=900[1+(0.01)(3)]\implies A=900(1.03)\implies A=927$