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

$4305

Explanation:

At the end of the year, Bobby will have earned interest on his deposit of $4200. The interest rate is 2.5%, which can be written as a decimal as 0.025. To calculate the amount of interest earned, we can multiply the deposit amount by the interest rate:

Interest earned = $4200 x 0.025 = $105

Therefore, at the end of the year, Bobby will have his initial deposit of $4200 plus the interest earned of $105, for a total of:

$4200 + $105 = $4305

So Bobby will have $4305 in the bank at the end of the year.

Answer 2

my answer:

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.

(real)