Question

kelly puts $350 in a savings account. the savings account accrues intrest at a flat rate of 1.05% a month. how much will the account be worth in u months.?

Answer 1

Given:
Principal = 350
Interest rate = 1.05% per month

Interest = 350 * 1.05% * 1 month
Interest = 3.675 per month.

Assuming we need to know the total interest earned in a year. We simply multiply the interest earned per month by the number of months required, in this instance 12 months.

Interest = 3.675 per month * 12 months
Interest = 44.10 interest for one year