Question

Howard opens a savings account with a deposit of $800.the bank will pay him 3% interest per year.

a. how much will howard receive at the end of 1/2 a year.
b. how much interest will he receive in 1 year?

Answer 1

800 * (1.03)^.5 = 811.91
800 * (1.03)^1 = 824.00

Answer 2

Answer:a)$12

b) $24

Explanation:

800

3%

= 3 x 800

= 3/100 x 800

=3/1 x 8/1 = 24=(part a)

24/2 =12=(part b)