Question

If all accounts earn 1.5% interest per year and no further deposits are made, how much will Letisha have earned one year after her accounts were opened?

Answer 1

Letisha will have earned however much money she began with plus 1.5 percent. This can be found by taking the initial principal on January 1 of the previous year, multiplying it by 0.015, and adding the result to the previous balance to get the end-of-year total.