If the interest rate at the bank for a savings account is 0.03%, how much money would you need to leave in the account for one year in order to earn $10 in interest?

$500$1,500$8,000 Over $30,000

Question

Jasmine Mooney

Mathematics

13 June, 02:57

If the interest rate at the bank for a savings account is 0.03%, how much money would you need to leave in the account for one year in order to earn $10 in interest?

$500$1,500$8,000 Over $30,000

+1

Answers (1)

Know the Answer?

Greyson Santiago · Answer 1

Let x be the initial deposited amount.

x + 10 will be the final amount

x + 10 = x (1.0003)

The initial amount will not be 0

x/x + 10/x = x (1.0003) / x

1 + 10/x = 1.0003

10/x = 0.0003

x = $33,333.33

You would need to deposit over $30,000

If the interest rate at the bank for a savings account is 0.03%, how much money would you need to leave in the account for one year in order to earn $10 in interest?$500$1,500$8,000 Over $30,000

If the interest rate at the bank for a savings account is 0.03%, how much money would you need to leave in the account for one year in order to earn $10 in interest?

$500$1,500$8,000 Over $30,000