Question

Michael has $70 in a savings account.The interest rateis 5% per year and is not compounded.How much will he have in 1year?

Answer 1

$73.5

Explanation:

The answer is simple, since he gets 5% every year, and its only been 1 year, just find 5% of 70 and add it together.

We can find 5% of 70 by multiplying 70 by .05.

70*.05=3.5

70+3.5=73.5

He will have 73.5 dollars.

Hope this helps!