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Mr. Nguyen opened a savings account with an initial deposit of 480 and will not make any additional deposits or withdrawals. The account earns 2% simple interest per year. What is the total amount that Mr. Nguyen will have in his account at the end of 3 years?

Solution

Solution

Amount : 508.8

Solution steps

Translate the problem into an equation:

A = 480 (1 + 0.02 \cdot 3)

480 (1 + 0.02 \cdot 3) = 508.8

Amount : 508.8

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