If a man has $1,500 in the bank and the annual interest rate is 5%, how much money will he have in the bank after 1 year?

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asked Feb 25, 2018 110k views

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Elvy · Answer 1 · 2018-03-02T22:39:53+0000

I=PRT
interest=I
P=principal
R=rate in decimal
t=time in years

P=1500
T=1
R=5%=0.05

I=1500 times 0.05 times 1
I=75

interst is 75
total amount is 1500+75=$1575 total

If a man has $1,500 in the bank and the annual interest rate is 5%, how much money will he have in the bank after 1 year?

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