Question

Mr. Juárez 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. Juárez will have in his account at the end of 3 years? *

Answer 1

D

Explanation:

The person above me is right

Answer 2

We have been given that Mr. Juárez 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.

We are asked to find the total amount that Mr. Juárez will have in his account at the end of 3 years.

We will use simple interest formula to solve our given problem.

`A=P(1+rt)`, where,

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

Let us convert 1% into decimal form,

`1\%=(1)/(100)=0.01`

`P = \$560` and
`t=3`.

`A= \$560(1+0.01(3))`

`A= \$560(1+0.03)`

`A= \$560(1.03)`

`A= \$576.80`

Therefore, Mr. Juárez will have
`\$576.80` in his account at the end of 3 years.