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.