Question

47. Dave deposits 9818 in a bank for one year. If the interest rate is 9% p.a:

How much interest, in dollars, did Dave earn for the year? Write your answer to the nearest cent.

Answer 1

The interest is $883.62 and the amount is $10701.62.

Explanation:

Find the interest =

=9818 x 0.09 x 1

=883.62.

Since P = $9818 and I = $883.62 we have,

Find the Amount=

=9818+883.62

=10701.62..