Answer:
$1017.01
Explanation:
1. Since we know that it is simple interest for 3 years we can use the equation for simple interest which is A = P (1 + rt) where
A = final amount
P = initial balance
r = yearly interest rate
t = time (in years)
2. Input our numbers into this equation
A = 945(1 + 0.0254 x 3) (we converted our percentage into a decimal by dividing by a 100)
either using a calculator or working it out on paper we get the answer
$1017.009 or $1017.01 (2 d.p. as money only has 2 decimal places)