Question

Danny deposits $50 in a savings account at 5 percent interest for 3 months. How much will be in the account after 3 months?

Answer 1

$ 50.625

Step-by-step explanation:

Amount of deposit = $50

interest 5 percent usually per year

Per year interest rate = 5/100= 0.05

Interest rate for 3 months= 0.05/12 x3

=0.0125

Interest amount =0.0125 x50= 0.625

Money in the account will be

=$50+0.625

=$ 50.625