The formula to calculate the total amount with simple interest is:
Total = Principal + (Principal x Rate x Time)
Plugging in the values:
Total = $560 + ($560 x 0.01 x 3)
Total = $560 + ($16.80)
Total = $576.80
Therefore, Mr. Juárez will have a total of $576.80 in his account at the end of 3 years.
The correct answer is: $576.80
Mr. Juárez opened a savings account with an initial deposit of $560 and will not make any additional deposits or withdrawals. The account earns 1% simple interest. What is the total amount that Mr. Juárez will have in his account at the end of 3 years?
$168.00
$56.00
$565.60
$576.80
1 answer