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

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?
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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

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