Question

you invest 1,000 in an account that pays simple interest of 3% for 10 years. what is the amount of money you'll have at the end of the 10 years?

Answer 1

Given data:

The given principal is P=1,000.

The given rate of interest is r=3%.

The given time is t=10 years.

The expression for the final amount after 10 years is,

`A=P+(P* r* t)/(100)`

Substitute the given values in the above expression.

`\begin{gathered} A=1,000+(1,000*3*10)/(100) \\ =1,300 \end{gathered}`

Thus, the final amount after 10 years is 1,300.