I am assuming this is an investment. With a principal of $1,000. Interest rate of 3.0%, and term of 2 years.
Simple Interest formula:
S.I = Principal * interest rate * term
S.I = 1,000 * 0.03 * 2
S.I = 60
60 is the total interest earned by 1,000 after 2 years.
Total amount after 2 years : 1,000 + 60 = 1,060.
