The amount after 3 years would be $221.74
Explanation:
Given:
Principal, P = $200
Rate of interest, r = 3.5%
Time, t = 3 years
Amount, A = ?
We know:
[tex]A = P(1+\frac{r}{100})^t[/tex]
Substituting the value we get:
[tex]A = 200(1+\frac{3.5}{100} )^3\\\\A = 200 X 1.108\\\\A = 221.74[/tex]
Therefore, the amount after 3 years would be $221.74
