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23 January, 23:40

If a man has $1,500 in the bank and the annual interest rate is 5%, how much money will he have in the bank after 1 year?

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  1. 23 January, 23:43
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    I=PRT

    interest=I

    P=principal

    R=rate in decimal

    t=time in years

    P=1500

    T=1

    R=5%=0.05

    I=1500 times 0.05 times 1

    I=75

    interst is 75

    total amount is 1500+75=$1575 total
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