Question

if you were able to earn interest at 3% and you started with 100$, how much would you have after 3 years?

Answer 1

Explanation:

If simple interest,

Then

P = 100$

N = 3 years

R = 3%

SI = PNR / 100

SI = 100 x 3 x 3 / 100

SI = 9$

AMOUNT = SI + P

amount = 109$

If compound interest,

Then

A = P (1+R/100)^N

A = 100 ( 103 / 100)^3

A = 103 x 1.03 x 1.03

A = 109.272$