Question

Leon deposited $30000 in a bank which paid 2% interest per year. After 1 year, Leon withdrew all his money including the interest. how much money did Leon withdraw?

Answer 1

The amount of money Leon had after 1 year will be given by:
A=P(1+r)^n
where:
P=principle
r=rate
n=time
But from the information given:
P=$30,000, r=2%, n=1 year
thus
A=30000(1+2/100)^1
A=30000(1.02)^1
A=$30600
Thus amount after 1 year was $30600