Question

if i put £300 into a building society for one year, at an interest rate 4% per annum, what will it be worth at the end of the year

Answer 1

312 dollars because 300/100 equals 3, 3x4 equals 12, therefore, 300+12 equals 312

Answer 2

Y=(300)1.04^x plug in 1 for x and you will get 312 = Y
300 = IA
1.04 = GF
4% = 0.04 = GR
X = year
$y = (300) {1.04}^{x}$