how much will $1,100 be worth in 3 years at 9% p.a. simple interest?

Explanation:

Step1: Recall simple interest formula

The formula for simple interest is $I = P \times r \times t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal), and $t$ is the time in years. The total amount $A$ is $A = P + I$.

Step2: Identify values

Here, $P = $1100$, $r = 9% = 0.09$, and $t = 3$ years.

Step3: Calculate interest

First, calculate the interest: $I = 1100 \times 0.09 \times 3$. $1100 \times 0.09 = 99$, then $99 \times 3 = 297$. So the interest is $$297$.

Step4: Calculate total amount

Now, find the total amount: $A = P + I = 1100 + 297 = 1397$.

Answer:

$1,397