Question

Josh deposited 1500 into a savings account at his nearby bank. The bank’s interest rate is 3%. He does not deposit or withdraw any money for the next 4 years. How much interest will he gain after the fourth year?

Answer 1

188.27

Explanation:

divide the starting number (1500) by 100 to get 1% then times by 3 to get the new number for tje start of tje next year.

After 1st- 1545

after 2nd year = 1591.35

After 3rd = 1639.1005

After 4th= 1688.273515

what he gained is 1688.273515-1500= 188.273515.

now round to 2 decimals = 188.27