Question

Jack has $20 in his savings account that earns 10% annually.The interest is not compound.How much will he have in 1 year?

Answer 1

$22

Explanation:

Given data

Principa= $20

rate= 10%

time= 1 year

The simple interest expression is given as

A= P(1+rt)

substitute

A= 20(1+0.1*1)

A= 20*1.1

A= $22

Hence the amount after 1 year is $22