Question

Businesses deposit large sums of money into bank accounts. Imagine an account with 10 million

Answer 1

Answer:

The account will earn in one year the amount of $10,512,000

Step-by-step explanation:

Given as :

The principal in the account = $10,000,000

The rate of interest = 5.12% at simple interest

The time period = 1 years

Let The amount that account earn after 1 year = $A

From Simple interest method

Simple interest = S.I = $\dfrac{\textrm principal\times \textrm rate\times \textrm time}{100}$

or, S.I = $\dfrac{\textrm 10,000,000\times \textrm 5.12\times \textrm 1}{100}$

or, S.I = $\dfrac{51200000}{100}$

or, S.I = $512,000

So, Simple interest = S.I = $512,000

Now, Amount = Principal + Interest

I.e A =  $10,000,000 + $512,000

Or, A = $10,512,000

So, Amount = A = $10,512,000

Hence The account will earn in one year the amount of $10,512,000 Answer