Adrian must multiply his money by 1.03 to find his total balance in a year in one step.
Simple interest
Given that Adrian invests money in an account paying a simple interest of 3% per year, to determine, if no money will be added or removed from the investment, what should he multiply his current balance by to find his total balance in a year in one step, the following calculation must be performed:
- Current balance = X
- Interest = 3% = 3/100 = 0.03
- Interest + principal = 1.03
- 1.03X = Total balance in a year
Therefore, Adrian must multiply his money by 1.03 to find his total balance in a year in one step.
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