A = P(1 + r)t
P = original amount
r = interest rate expressed as a decimal (0.03 in this case)
t = time in years
A = computed amount after t years
The total amount of money after one year of interest:
A = 100(1 + 0.03)1
A = 100(1.03)1
A = 100(1.03)
A = 103
Answer: $103.00
The total amount of money after six years of interest:
A = 100(1 + 0.03)6
A = 100(1.03)6
A = 100(1.19405229653)
A = 119.405229653
Answer: $119.41
Thanks for the help CPhill! I'm sure that these answers are correct.