Question

jacob received $500 for christmas from his parents, he wants to put it into an account that will pay him 7.75% interest each year. if he wants to withdraw all his funds at the end of the year. how much will he withdraw

Answer 1

He will have $538.75 after one year.

Explanation:

First we need to find how much is 7.75% of 500. We can find it by multiplying 500 x .0775

This equals 38.75

That means after one year, he has $38.75 more.

500+38.75=538.75

He will have $538.75 after one year.