Question

If you invest $1000 today in a savings account that pays 3% annually what will be the Future Value of this amount in 10 years

Answer 1

I = PRT
I = 1,000 * 0.03 * 10
I = ?

Add the interest to 1,000 to find the future value.

Answer 2

Ms Sue did the question using simple interest.

Since you did not specify which type is used, here is the compound interest result

amount = 1000(1.03)^10 = ...