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2 February, 20:58

You have $ 300 and a bank is offering 3.5 % interest on deposits. If you deposit the money in the bank, how much will you have in one year?

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  1. 2 February, 21:21
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    =$310.5

    Explanation:

    At the end of the year, the amounts will be; The interest earned plus the principal amount.

    The formula is as below

    Amounts = Principal x (1 + interest) x Time t

    Amount = $300 x (1 + 3.5/100) x 1

    =$300 x 1. 035

    =$310.5
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