Question

a bank offers 2.5% interest at the end of each year.Bobby deposited $4200 in the bank.how much money did he have in the bank at the end of the year

Answer 1

simple interest

Interest = Initial amount × Interest rate

Final amount = Initial amount + Interest

the initial amount is $4,200 and the interest rate is 2.5% (or 0.025 in decimal).

Interest calculation:

Interest = $4.200 × 0.025

Interest = $105

Final amount = $4,200 + $105

Final amount = $4,305

At the end of the year, Bobby will have $4,305 in the bank.

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Explanation: