Adam has $1500 in his bank account.
The bank pays him an annual interest of 8%.
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
= 8% x 1500
=
8100 x 1500
= $120
(b)
Amount that he will have in his bank account after a year
= 1500 + 120
= $1620
Answer(s): (a) $120; (b) $1620