Adam has $1550 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 1550
=
10100 x 1550
= $155
(b)
Amount that he will have in his bank account after a year
= 1550 + 155
= $1705
Answer(s): (a) $155; (b) $1705