Final answer:
To calculate the total amount in a savings account after one year at an annual interest rate of 1.15% on a $2,100 deposit, you calculate the simple interest and add it to the principal. The interest is $24.15, and the total amount in the account after one year is $2,124.15.
Step-by-step explanation:
Calculating Simple Interest
The question refers to calculating the amount of money in a saving account that earns a specific annual interest. If $2,100 is deposited in an account with an annual interest rate of 1.15%, the amount of money at the end of one year can be calculated using the formula for simple interest.
The formula for simple interest is:
I = P × r × t
Where I is the interest, P is the principal amount (the initial amount of money), r is the annual interest rate (in decimal form), and t is the time the money is invested (in years).
For this specific example, the calculation would be as follows:
I = $2,100 × 0.0115 × 1 = $24.15
The interest earned at the end of one year is $24.15. To find the total amount in the account after one year, we add the interest to the principal amount:
Total = Principal + Interest
Total = $2,100 + $24.15 = $2,124.15
Therefore, the account will have $2,124.15 at the end of one year.