Adrian invests money in an account paying a simple interest of 3% per year. If no money will be added or removed from the investment, what should he multiply his current balance by to find his total balance in a year in one step?

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03-02-2022
Mathematics

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Adrian invests money in an account paying a simple interest of 3% per year. If no money will be added or removed from the investment, what should he multiply his current balance by to find his total balance in a year in one step?

Sagot :

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francocanacari francocanacari · Answer 1 · 2022-02-10T04:59:15-05:00

Adrian must multiply his money by 1.03 to find his total balance in a year in one step.

Simple interest

Given that Adrian invests money in an account paying a simple interest of 3% per year, to determine, if no money will be added or removed from the investment, what should he multiply his current balance by to find his total balance in a year in one step, the following calculation must be performed:

Current balance = X
Interest = 3% = 3/100 = 0.03
Interest + principal = 1.03
1.03X = Total balance in a year

Therefore, Adrian must multiply his money by 1.03 to find his total balance in a year in one step.

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Sagot :

Simple interest

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