Question

A guy deposits R1000 into a bank account which pays a simple interest rate of 7%per annum for 3 years.how much will be in his account at the end of the term

Answer 1

Explanation:

Step 1: Write down known values

p=1000

i= 0. 07

n=3

Step 2: Write down the formula

a=p(1+in)

Step 3: Substitute the values

a=1000(1+0.07*3)

=1210

Step 4: Write the final answer

At the end of 3 years, Carine will have R1210

in her bank account.