Question

You can calculate the intrest on a savings account by using the formula:intrest=principalxratextime if mary deposites $275 in princpal at an intrest rate of 3.2 percent, how much intrest will she earn in one year

Answer 1

I=prt
I=275×0.032×1
I=8.8

Answer 2

Total = principal * (1 + rate)^time
Total = 275 * (1.032)^1
Total = 283.80
Interest = 283.80 -275 = 8.80