Question

You have $550 in a savings account that earns 3% simple interest each yaer. How much will be in your account in 10 years?

Answer 1

Looking at the given question, we can find several important information's and based on thm we can easily calculate the amount after 10 years.
Principal amount = $550
Rate of interest per year = 3%
Number of years the amount is to be kept = 10 years
Now we get put these information's in the formula of finding amount of money kepy in simple interest.
Amount = P(1 + rt)
Where
p = principal amount
r = rate of interest
t = Time
Then
Amount = 550[1 + (3/100) * 10)]
= 550 [1 + 3/10]
= 550 * (13/10)
= 55 * 13
= 715 dollars
So the total amount in my account will be $715