You have $100 and a bank is offering 6.0% interest on deposits. If you deposit the money in the bank, how much will you have in one year?
Question
Solution 1
To calculate the amount of money you will have in one year, you need to apply the formula for simple interest, which is:
A = P(1 + rt)
where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual inter Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
Similar Questions
Daisy invests $14 000 in a fixed deposit account at a local bank. The interest rate is 1.4% per year. How much money will she have in the account after 1 year?
You expect to have $ 8 000$8 000 in one year. A bank is offering loans at 3.5 %3.5% interest per year. How much can you borrow today?
How much must Ella deposit in a bank that pays 11% interest compounded monthly so that she will have Php400,000 after 4 years?
The interest on a certain deposit at 4.5% p.a. is Rs.202.50 in one year. How much will the additional interest in one year be on the same deposit at 5% p.a.?
How much money would you need to deposit today at 9% annual interestcompounded monthly to have $12000 in the account after 6 years?