Question

You invest AED 5000 in a saving account that earns 4% interest each year. If you do not use the account for a year, how much money will you have in your account after a year?

Answer 1

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Answer:

AED 5200

Explanation:

The interest in the first year will be ...

I = Prt . . . . principal P invested at rate r for t years

I = 5000×0.04×1 = 200

The account will have AED 5200 in it after a year.