if a man deposited 20,000 pounds in a bank with interest of 20% PER YEAR find the total amount that he gets at the end of the year
Question
If a man deposited 20,000 pounds in a bank with interest of 20% PER YEAR, find the total amount that he gets at the end of the year.
Solution
To calculate the total amount the man gets at the end of the year, you need to calculate the interest he earns and then add it to the initial deposit.
Step 1: Calculate the interest Interest = Principal amount * Interest rate * Time Interest = 20,000 pounds * 20/100 * 1 year Interest = 4,000 pounds
Step 2: Add the interest to the initial deposit Total amount = Initial deposit + Interest Total amount = 20,000 pounds + 4,000 pounds Total amount = 24,000 pounds
So, the man will have 24,000 pounds at the end of the year.
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