Question

Mr. Jones opened a savings account with an initial deposit of $560 and will not make any additional deposits or withdrawals. The account earns 1% simple interest. What is the total amount that Mr. Jones will have in his account at the end of 3 years?

Answer 1

Answer: $576.80

Step-by-step explanation: Lets use the "Simple Interest" equation to find I, interest. First convert 1% to a decimal. 1% as a decimal is 0.01.

I = 560 x 0.01 x 3

Multiply^^^^

I, interest = $16.80

Then add the initial deposit to the interest earned.

$560 + $16.80 = $576.80