Question

Eva deposited $30 in a savings account earning 10% interest, compounded annually.

To the nearest cent, how much will she have in 3 years?

Answer 1

$ 9

Explanation:

Simple Interest = P.R.T / 100

P = Principal (Amount invested) =$30

R = Rate= 10%

T = Time = 3 years

Therefore, Simple Interest (I):

I = PRT/100

I = ($30 * 10 * 3 ) / 100

I = $900 / 100

I = $9

She will have a total of $9 in three years