Adam has $1950 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 1950
=
10100 x 1950
= $195
(b)
Amount that he will have in his bank account after a year
= 1950 + 195
= $2145
Answer(s): (a) $195; (b) $2145