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Question

A bank offers a 4% annual interest rate for a savings account. Nathan puts $3,800 into an account to save for college. How much will be in the account after a year?

2 Answer

  • I don't know exactly how to solve this, but I know the formula is I=r×t×p
    Translation:

    Interest=rate(the percent)×time(months or years)×principal(the amount of $)
  • If the bank offers a 4% annual interest rate for a savings account, and Nathan puts $3,800 into an account to save for college, after a year there will be $3952, as its shown below:

    Initial amount + interests= Total money after a year

    3,800/100*4= Interests= $152

    3,800+152= Total money after a year= $3952

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