Question

You have $ 300 and a bank is offering 3.5 % interest on deposits. If you deposit the money in the​ bank, how much will you have in one​ year?

Answer 1

=$310.5

Step-by-step explanation:

At the end of the year, the amounts will be; The interest earned plus the principal amount.

The formula is as below

Amounts = Principal x (1 + interest )x Time t

Amount = $300 x ( 1 + 3.5/100) x 1

=$300 x 1. 035

=$310.5