Question

Leah opens a savings account and deposits $250. She earns interest at a monthly rate of 0.4%. How much money will Leah have in her account after the first month?

Answer 1

$251

Explanation:

To get this amount, we simply find o.4% of 250.

That equals 0.4/100 × 250 = 1.

This means she would have earned an interest amounting to $1 after the first month.

The total amount of money in her account after the first month = 250 + 1 = 251

Hence, she would have an amount of $251 in her account after the first month.