Adam has $2050 in his bank account.
The bank pays him an annual interest of 10%.
He does not deposit any more money.
- What is the interest after a year?
- How much will he have in his bank account after a year?
(a)
Interest after a year
= 10% x 2050
=
10100 x 2050
= $205
(b)
Amount that he will have in his bank account after a year
= 2050 + 205
= $2255
Answer(s): (a) $205; (b) $2255