Leon deposited $30000 in a bank which paid 2% interest per year. After 1 year, Leon withdrew all his money including the interest. how much money did Leon withdraw?
The amount of money Leon had after 1 year will be given by: A=P(1+r)^n where: P=principle r=rate n=time But from the information given: P=$30,000, r=2%, n=1 year thus A=30000(1+2/100)^1 A=30000(1.02)^1 A=$30600 Thus amount after 1 year was $30600
