Question

You deposit $300 in a savings account. The account earns. 1% simple interest per year. What is the interest earned after 3 years? The balance after 3 years?

Please help, urgent

Answer 1

Interest earned = $9

Balance after 3 years = $309

Explanation:

For simple interest, the formula is I = PRT, where I is the interest earned or paid, P is the principal amount borrowed/deposited, R is the rate as a decimal, and T is the time in years.

I = PRT

I = (300)(0.01)(3)

I = 9

Add that to the amount deposited to start, and you have the balance aftere 3 years. $300 + 9 = $309

Answer 2

9.09, 309.09

Explanation:

Year1 300x.01=3. Balance is 303/(300+3)

Year2 303x.01=3.03 balance is 306.03

Year3 306.03x.01=3.06 balance=309.09