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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Chon0eyej0aydir Chon0eyej0aydir

03-02-2017
Mathematics

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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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apologiabiology apologiabiology · Answer 1 · 2017-02-03T06:42:36+01:00

apologiabiology apologiabiology

03-02-2017

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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