p = 400.00
r = 1% = 1/100 = 0.01
t = 3 years
Therefore,
[tex]\begin{gathered} Amount=p(1+\frac{r}{n})^{nt} \\ \text{Amount}=400(1+\frac{0.01}{1})^{1\times3} \\ \text{Amount}=400\times1.030301 \\ \text{Amount}=\text{ \$}412.1204 \\ \text{Amount}=\text{ \$412.12} \end{gathered}[/tex]After three years the amount will be = $412.12
