125k views
4 votes
Derrick's grandparents give him $75 for his birthday. Derrick puts the money into his savings account which has $1,458. His account has an interest rate of 5%. If Derrick leaves the money in his account and does not withdraw money, how much interest will he have after 1 year?

User Annisia
by
4.0k points

2 Answers

3 votes
The answer on top is the right answer
User Jose Ananio
by
4.1k points
2 votes

Answer:

$1609.65

Explanation:

1458+75=1533

I= Prt

I=1533 (.05) (1)=76.65

B= I+P

B=1533+76.65=$1609.65

User Leng Weh Seng
by
4.3k points