You have $550 in a savings account that earns 3% simple interest each yaer. How much will be in your account in 10 years?

Looking at the given question, we can find several important information's and based on thm we can easily calculate the amount after 10 years.

Principal amount = $550

Rate of interest per year = 3%

Number of years the amount is to be kept = 10 years

Now we get put these information's in the formula of finding amount of money kepy in simple interest.

Amount = P (1 + rt)

Where

p = principal amount

r = rate of interest

t = Time

Then

Amount = 550[1 + (3/100) * 10) ]

= 550 [1 + 3/10]

= 550 * (13/10)

= 55 * 13

= 715 dollars

So the total amount in my account will be $715