Question

Clare made $160 babysitting last summer. She puts the money in the saving account that pays 3% interest per year. If Clare doesn't touch the money in her account, she can find the amount she'll have the next year by multiplying her current amount by 1.03. How much money will Clare have in her account after 1 year?

Answer 1

Clare account balance after one year will be $164.80

Explanation:

Interest = PRT/100

Principal P = $160, Rate r = 3%, and time t = 1 year

Interest = (160*3*1)/100

Interest =480/100

= $4.80

The total balance in Clare's account after 1 year will be $160 + $4.80

= $164.80