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After 1 year $1000 will earn $100 interest so the amount will rise to $1100. After the second year $1100 will earn $110 interest, making the total $1210. And after the third year this will earn $121 making the total $1331. So the interest after 3 years is 1331-1000=$331.

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Bao was given $1000 for his birthday. He decided to invest the money in a bank account that earns 10% interest, compounded annually. In dollars, how much total interest will Bao have earned 3 years later?

 

Answer:

Each year, the amount of money in the account is multiplied by 1.1. Therefore, after 3 years the amount of money is $1000(1.1)^3=11^3=1331$ dollars. The interest earned is $1331-1000=\boxed{331}$ dollars.

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