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Kate has $1000 in her bank account today. She only made one deposit to this account 3 years ago. The interest rate remained unchanged at
Kate has $1000 in her bank account today. She only made one deposit to this account 3 years ago. The interest rate remained unchanged at 3% p.a. effective during the past 3 years. Calculate the following values. (Round your answer to 2 decimal places. Do not include the $ symbol. Do not use comma separators. E.g. 1234.56)
- How much money did Kate deposit into the bank account 3 years ago? (1 mark)
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- How much simple interest did Kate earn during the past 3 years? (1 mark)
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- How much interest on interest did Kate earn during the past 3 years? (1 mark)
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