Question

Moussa invests money in an account paying a simple interest of 3% per year. If no money will be added or removed from the investment, what should he multiply his current balance by to find his total balance in a year in one step?

Answer 1

Moussa should multiply his current balance by 1.03 to find his total balance in a year in one step.

Explanation:

To find the total balance in a year, Moussa should multiply his current balance by 1 + the interest rate. In this case, the interest rate is 3%, so he should multiply his current balance by 1 + 0.03 = 1.03. Therefore, Moussa should multiply his current balance by 1.03 to find his total balance in a year in one step.