Question

If the interest rate at the bank for a savings account is 0.03%, how much money would you need to leave in the account for one year in order to earn $10 in interest?

$500$1,500$8,000 Over $30,000

Answer 1

Let x be the initial deposited amount.
x + 10 will be the final amount

x + 10 = x(1.0003)
The initial amount will not be 0

x/x + 10/x = x(1.0003) / x
1 + 10/x = 1.0003
10/x = 0.0003
x = $33,333.33

You would need to deposit over $30,000