Question

Find a bank account balance if the account starts with $100, has an anual rate if 4%, and the money left in the account for 12 years

Answer 1

required bank balance=$148

Explanation:

simple interest=
`(  \right )P* R*  T\left )/ 100`

where P=principle=$100

R=rate of interest=4%

T=time=12 year

simple interest=
`(  \right )100* 4*  12\left )/ 100`

simple interest=
`(4800)/(100)`

simple interest=48

required bank balance=principle+simple interest

required bank balance=$100+$48=$148

required bank balance=$148