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You deposit 1300 in a savings account. The account earns 4.5% simple interest per year. What is the balance after 3 years?

Solution

You deposit 1300 in a savings account. The account earns 4.5% simple interest per year. What is the balance after 3 years?

Solution

Amount : 1475.5

Solution steps

Translate the problem into an equation:

A = 1300 (1 + 0.045 \cdot 3)

1300 (1 + 0.045 \cdot 3) = 1475.5

Amount : 1475.5

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