Question

Ceasar opens a bank account and makes an initial deposit of $1,800. The banker tells Ceasar that he is going to receive an annual rate of 3.2% on his investment. What is the balance of the account after one year, assuming that Ceasar doesn’t make any additional deposits or withdrawals?

Answer 1

3.2% is also 0.032 so you are just adding 0.032 to 1,800

Answer 2

Hi there
The formula is
A=p (1+r)^t
A the account after 1 year ?
P initial deposite 1800
R interest rate 0.032
T time 1 year

A=1,800×(1+0.032)^(1)
A=1,857.6

Hope it helps