A young person decides to put aside some money for retirement by putting $1,000 in a 30-year savings bond that pays 3.0% simple interest per year. The interest compounds. How much money will the person have after 30 years?

2427.26 $

Step-by-step explanation:

Just use this formula when you have such type of problems:

N = N° (1 + %)^t

Where N = final amount

           N°= initial amount

           t = peroid of time

Now let's solve:

N = 1000(1 + 0.03)^30

N = 2427.26

arrange the equations with like terms in columns.

analyze the coefficients of x or y.

add the equations and solve for the remaining variable.

substitute the value into either equation and solve.

check the solution.

step-by-step explanation: