Question

Michael is investing $2500 at his bank. The savings account he chooses earns interest at a rate of 6%
annually. How much is in the account after four years?

Answer 1

So

• P=2500
• R=6%
• T=4years

Interest

• I=PRT/100
• I=2500(6)(4)/100
• I=25(24)=$600

Amount

• 2500+600
• $3100