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Tessa has $13,710 in a savings account that earns 3% interest per year. The interest is not compounded. To the nearest Dollar, how much will she have in 3 years?

Respuesta :

The simple interest formula is

[tex]I=\text{Prt}[/tex]

where I is the interest, P the principal, r the interest rate and t the time.

In this case, we have P=13710, r=0.03 and t=3 years.

By substituying these values into the above formula, we have

[tex]I=(13710)(0.03)(3)[/tex]

hence,

[tex]I=1233.9[/tex]

Therefore, Tessa will save 1233.9 dollars in 3 years.

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