aidangreythurma
contestada

can someone tell me how to work out this problems and ones similar to it? Jack has $16 in a savings account. The interest rate is 5% per year and is not compounded. How much will he have in 1 year?

Respuesta :

annastasia
It is a Simple interest problem .

principle = $16

rate = 5%

time = 1 year

simple interest = PRT/100

= (16 x 5 x 1)/100

= 4/5

= $0.80

amount after 1 year = 16 + 0.80 = $16.80

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