I invested my savings of $40 in the bank for a year.
The bank offered to pay me interest of 8.5% at the end of the year. How much total money did I receive back from the Bank at the end of the year?
2007-08-12 21:22:01 · 7 answers · asked by NERDface 1 in Science & Mathematics ➔ Mathematics
It’s a simple question.
Find the interest at the end of the year:
8.5% * $40 = $3.4
Total money at the end of the year = initial investment + interest
$40 + $3.4 = $43.4
So you received $43.4 at the end of the year.
2007-08-12 22:07:52 · answer #1 · answered by p|nky 2 · 0⤊ 1⤋
You need to multily the Principal with the interest rate to get the interest and add it to the principal to get the total.
40 + 40 x 8.5/100 = 40 + 3.4 = 43.4 dollars
You can do this also by multiplying 40 with 1.085
2007-08-13 04:47:20 · answer #2 · answered by Swamy 7 · 0⤊ 1⤋
well i dont understand why everyone is getting different answers.
princpal = 40
interest = 40*8.5/100 = 3.4
amount recieved = 40+3.4 = 43.40
2007-08-13 04:50:00 · answer #3 · answered by vicky 7 2 · 0⤊ 1⤋
$(40 + 40*8.5%)
= $(40+3.4)
= $43.4
2007-08-13 06:19:24 · answer #4 · answered by gab BB 6 · 0⤊ 1⤋
No it's 43.50 40*8.5%+40=43.50
2007-08-13 04:32:03 · answer #5 · answered by a b 2 · 0⤊ 2⤋
$43.4
2007-08-13 04:41:25 · answer #6 · answered by Anonymous · 0⤊ 1⤋
$$43.30...
2007-08-13 04:30:26 · answer #7 · answered by Soheeb 2 · 0⤊ 2⤋