Question

tom opens a bank account and makes an initial investment of $500 the banker tells tom that he is going to recive and annula rate of 6% onhis investment find the bank balnace assuming that tom leaves the account untouhced for 15 years

Answer 1

$950

Explanation:

(500*6*15)/100 = 450 (applying the formula of simple interest)

450 + 500 ( adding the interest to the initial investment or princlple)

= 950 (bank balance after 15 years)

Hope this helps! :)