Question

We deposit a 350 dhs in a simple interest account for 3 years.

The account pays an interest of 3%. How much do we have in the
account after three years?

Answer 1

To calculate the amount in the account after three years with a simple interest rate of 3%, we can use the following formula:

Amount = Principal + (Principal * Interest Rate * Time)

In this case:
Principal = AED 350
Interest Rate = 3% or 0.03 (converted to decimal)
Time = 3 years

Using the formula, we can calculate the amount in the account after three years:

Amount = 350 + (350 * 0.03 * 3)
= 350 + (350 * 0.09)
= 350 + 31.50
= AED 381.50

Therefore, after three years, the account will have AED 381.50.