Question

Ray has $1600 in his bank account. How much interest will the money earn in one year at 2%. What will his balance be?

Answer 1

Answer: 32 every month or day. if its every month the answer is 384, if its every day it would be 11680

Explanation:

Answer 2

Given:

• Initial amount = $1600,
• Interest rate = 2%,
• Time = 1 year.

Find the amount of interest:

• $1600*2/100 = $32

Find the balance after one year:

• $1600 + $32 = $1632