Answer
${$1,025.00}$
Work Step by Step
First remember that the formula for simple interest is $ A=P(1+rt) $
wherein A is final amount, P is initial primary balance, r is annual interest rate, and t is time in years.
First, converting R percent to r a decimal
r = R/100 = 3%/100 = $0.03$ per year.
Putting time into years for simplicity,
10 months / 12 months/year = $0.833333$ years.
Solving our equation:
$A = 1000(1 + (0.03 × 0.833333)) = 1024.99999$
$A = {$1,025.00} $
The total amount accrued, principal plus interest, from simple interest on a principal of ${$1,000.00}$ at a rate of 3% per year for 0.833333 years (10 months) is ${$1,025.00} $.
