Answer:
$576.80
Step-by-step explanation:
We have been given that Mr. Juárez opened a savings account with an initial deposit of $560 and will not make any additional deposits or withdrawals. The account earns 1% simple interest.
We are asked to find the total amount that Mr. Juárez will have in his account at the end of 3 years.
We will use simple interest formula to solve our given problem.
A = Final amount after t years,
P = Principal amount,
r = Annual interest rate in decimal form,
t = Time in years.
Let us convert 1% into decimal form,
1%=1/100=0.01
P=$560 and t=3
A=$560 (1+0.01(3))
A=$560 (1+0.03)
A= $560 (1.03)
A= $576.80
Therefore, Mr. Juárez will have $576. 80 in his account at the end of 3 years. Hope this helps!
