ANSWER
$3,450
EXPLANATION
She started the savings account with $3,000.
The simple interest rate is 3% and the number of years is 5 years.
To find the amount of money in the account after 5 years, we have to first find the interest and then add it to the initial amount saved.
Simple Interest on an amount of money (Principal) at a rate R for a number of years T is given as:
[tex]I\text{ = }\frac{\text{P }\cdot\text{ R }\cdot\text{ T}}{100}[/tex]Therefore, the interest is:
[tex]\begin{gathered} I\text{ = }\frac{3000\cdot\text{ 5 }\cdot\text{ 3}}{100} \\ I\text{ = \$450} \end{gathered}[/tex]Therefore, the amount in the account after 5 years is:
Amount = Principal + Interest
Amount = 3000 + 450
Amoun = $3,450
That is the amount in the account.
