Problem $01\mathrm{.}034-$ Simple and compound interest

Skip to question

Durco Automotive needs a $$1\mathrm{.}000$ million balance in its contingency fund $3$ years from now. The chief financial officer $($CFO$)$ wants to know how much to deposit now into Durco$$s high$-$yield investment account.

Problem $01\mathrm{.}034.$a $-$ Simple and compound interest

Determine the amount if it grows at a rate of $10\mathrm{.}00\%$ per year using simple interest.$($Round the final answer to three decimal places.$)$

$$

$$

The amount if it grows at a rate of $10\mathrm{.}00\%$ per year using simple interest is $