Question

Gabriel invests money in an account paying a simple interest of 3.7% per year. If he invests $110 and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents?

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$110\\ r=rate\to 3.7\%\to (3.7)/(100)\dotfill &0.037\\ t=years\dotfill &1 \end{cases} \\\\\\ A=110[1+(0.037)(1)]\implies A=110(1.037)\implies A=104.07`