Question

Marge puts $800 in a bank account that earns 3% annual interest. If she leaves the money in the bank but does not add to it, how much will she have at the end of the first year?

Answer 1

She will have $824 because annual means it happens every year and 3% of 800 is 24

Answer 2

$824

Explanation:

We are given that Marge put money in her account=$800

She earns annual interest=3%

We have to find the amount she will have received at the end of the first year if no add any money

We are using the formula

`S.I=(P* r* t)/(100)`

Where r= Rate of interest

t=Time in years

P=principle

r=3%

P=$800

t=1 year

Using the formula and substitute the values

S.I=
`(800\time 3* 1)/(100)`

S.I=$24

Amount =S.I+P

Amount=24+800=$824

Hence, She will have received money at the end of first year =$824