Question

If I open an account with $1,500 that pays 2.5% annual interest, how much money will be in the account at the end of 3 years?

Answer 1

@snowflake0531

Answer 2

Let's first figure out the amount of money that will be added in the account each year.
Do you think you can do that?

Answer 3

\(\color{#0cbb34}{\text{Originally Posted by}}\) @snowflake0531
Let's first figure out the amount of money that will be added in the account each year.
Do you think you can do that?
\(\color{#0cbb34}{\text{End of Quote}}\)
no

Answer 4

@snowflake0531

Answer 5

We are just trying to find the interest.
The rate is 2.5%, which is what in decimal form?

Answer 6

I suggest dividing 2.5 by 100

Answer 7

.025

Answer 8

Okay, so, we can multiply the principle amount, 1500, by 0.025

Answer 9

37.5

Answer 10

And because it is for 3 years, multiply 37.5 by 3

Answer 11

112.5

Answer 12

Now add that on to the principle amount
112.5+1500

Answer 13

1612.5

Answer 14

There's your answer~