Question

Li deposited $3,400 into a savings account that pays 3% simple interest per year. How much will her investment be worth after 5 years?

Answer 1

8,500 invested after 5 years

Answer 2

First, find 3% of 3,400.
Divide 3,400 by 100 to get 1% of it.
3,400 / 100 = 34
Multiply it by 3 to get 3%.
34 x 3 = 102
That is the interest for 1 year.
Find the interest for 5 years by
multiplying 102 by 5.
102 x 5 = 510
Add that interest to the original
balance of her account.
3,400 + 510 = 3,910
Her investment will be worth
$3,910 after 3 years.
Hope this helps!