Eric has $100,000 in savings account. The interest rate is 8 % per year and is not compounded. To the nearest Dollar, how much will he have in 3 years?

To calculate the simple interest, we say

S. I = (PxRxT) / 100

Where P = the principal amount

R = rate in terms of %

And T = time.

Now P = $100 000

R = 8%

T = 3 years

S. I = (100,000 x8 x3) / 100

=$2 400 000/100

= $24, 000

So the interest is 24000

Total amount he will be having = 100000 + 24 000

The total money he will be having in 3 years time = $124 000