A retiree invests 3,000 in a savings plan that pays 3% per year. What will the account balance be at the end of the first year

Question

Mathematics

Beatrice Haas

9 April, 04:58

A retiree invests 3,000 in a savings plan that pays 3% per year. What will the account balance be at the end of the first year

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Lexi Leblanc · Answer 1

Interest earned = rate charged * amount invested

Interest = 3/100 * $3000 = $90

Account balance after one year = Amount invested + Interest earned

Account balance after one year = $3000 + $90 = $3090