1. You have $550 in a savings account that earns 3% simple interest each year. How much will be in your account in 10 years?
Solutions
1st year = 550 * .3 = 16.5
=> 550 + 16.5 = 566.5
2nd year = 556.5 * .03 = 16.995
=> 556.5 ++ 16.995 = 573.495
3rd year = 573.495 * .03 = 17.20485
=> 573.495 + 17.20485 = 590.70
4th year = 590.70 * .03 = 17.72
=> 590.70 + 17.72 = 608.4
5th year = 608.4 * .03 = 18.25
=> 608.4 + 18.25 = 626.65
6th year = 626.65 * .03 = 18.80
=> 626.65 + 18.80 = 645.44
7th year = 645.44 * .03 = 19.36
=> 645.44 + 19.36 = 664.80
8th year = 664.80 * .03 = 19.94
=> 664.80 + 19.94 = 684.74
9th year = 684.74 * .03 = 20.54
=> 684.75 + 20.54 = 705.28
10th year = 705.28 * .03 = 21.16
=> 705.28 + 21.16 = 726.43 dollars