If you invested $100 in a savings account that yields 1% interest (compounded annually) on 1/1/2010, how much money would you have in the savings account on 1/1/2013?
You can solve this with Excel, the FV table, or the formulas. The easiest way to show the calculation is FV = 100 x (1.01) x (1.01) x (1.01) = 103.03.