Question

Adrian 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

Adrian must multiply his money by 1.03 to find his total balance in a year in one step.

Simple interest

Given that Adrian invests money in an account paying a simple interest of 3% per year, to determine, 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, the following calculation must be performed:

• Current balance = X
• Interest = 3% = 3/100 = 0.03
• Interest + principal = 1.03
• 1.03X = Total balance in a year

Therefore, Adrian must multiply his money by 1.03 to find his total balance in a year in one step.

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