Adam has $2200 in his bank account.
The bank pays him an annual interest of 5%.
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
= 5% x 2200
=
5100 x 2200
= $110
(b)
Amount that he will have in his bank account after a year
= 2200 + 110
= $2310
Answer(s): (a) $110; (b) $2310