Answer:
Final Balance = 106.90$
Step-by-step explanation:
Using the simple interest formula I = prt.
The current balance after accumulated interest is B = I + p.
Given a principle of $100, time of 3 years, and interest rate of 2.3%.
I = (100$)(3y)(2.3%) = (100)(3)(2.3%) = (300)(2.3%) = (300)(0.023) = 6.90$
B (final balance) = 6.90$ + 100$ = 106.90$
