Question

How much money would you have in your savings balance after 3 years if you initially invested $900 and had an interest rate of 1%?

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Answer 1

assuming simple interest

$~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \ 900\\ r=rate\to 1\%\to \frac{1}{100}\dotfill &0.01\\ t=years\dotfill &3 \end{cases} \\\\\\ A=900[1+(0.01)(3)]\implies A=900(1.03)\implies A=927$