$1, 000 after 2 years at an interest rate of 3.0% is $ round up to the nearest cent.

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01-07-2016
Mathematics

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$1, 000 after 2 years at an interest rate of 3.0% is $ round up to the nearest cent.

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meerkat18 meerkat18 · Answer 1 · 2016-07-01T17:23:18+02:00

meerkat18 meerkat18

01-07-2016

I am assuming this is an investment. With a principal of $1,000. Interest rate of 3.0%, and term of 2 years.

Simple Interest formula:
S.I = Principal * interest rate * term
S.I = 1,000 * 0.03 * 2
S.I = 60

60 is the total interest earned by 1,000 after 2 years.

Total amount after 2 years : 1,000 + 60 = 1,060.

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