Question

1. maya opened a savings account with an initial deposit of $930 and will not make any additional deposits or withdrawals. the account earns 1% simple interest. what is the total amount that maya will have in this account at the end of 3 years?

Explanation:

Step1: Recall simple interest formula

The formula for simple interest is $I = P \times r \times t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal), and $t$ is the time in years. The total amount $A$ is given by $A = P + I$.

Step2: Identify values

Here, $P = 930$, $r = 1\% = 0.01$, and $t = 3$.

Step3: Calculate interest

First, calculate the interest $I$: $I = 930 \times 0.01 \times 3$.
$I = 930 \times 0.03 = 27.9$.

Step4: Calculate total amount

Now, find the total amount $A$: $A = P + I = 930 + 27.9 = 957.9$.

Answer:

The total amount Maya will have in the account at the end of 3 years is $\$957.9$.