Question

Find a bank account balance if the account starts with $100, has an anual rate if 4%, and the money left in the account for 12 years

Answer 1

Answer:

required bank balance=$148

Step-by-step explanation:

simple interest=$(  \right )P\times R\times  T\left )\div 100$

where P=principle=$100

           R=rate of interest=4%

           T=time=12 year

simple interest=$(  \right )100\times 4\times  12\left )\div 100$

simple interest=$\frac{4800}{100}$

simple interest=48

required bank balance=principle+simple interest

required bank balance=$100+$48=$148

required bank balance=$148