Answer:
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the amount deposited.
P represents the principal or amount amount deposited
R represents interest rate
T represents the duration in years.
From the information given,
P = 560
R = 2%
T = 3 years
I = (560 × 2 × 3)/100 = $33.6
Therefore, the total amount that Mr. Caldwell will have in his account at the end of 3 years is
560 + 33.6 = $593.6
