Question

Money in a particular savings account increases by about 6% after a year.How much money will be in the account after one year if the initial amount is $100 $50 $200 $125 x dollar?

Answer 1

Answer:

Part 1) $\ 106$

Part 2) $\ 53$

Part 3) $\ 212$

Part 4) $\ 132.50$

Part 5) $\ 1.06x$

Step-by-step explanation:

we have

Money in a particular savings account increases by about 6% after a year.

we know that

The simple interest formula is equal to

$A=P(1+rt)$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

Part 1) How much money will be in the account after one year if the initial amount is $100

in this problem we have

$t=1\ year\\ P=\ 100\\ A=?\\r=6\%=6/100=0.06$

substitute in the formula above

$A=100(1+0.06*1)$

$A=100(1.06)$

$A=\ 106$

Part 2) How much money will be in the account after one year if the initial amount is $50

in this problem we have

$t=1\ year\\ P=\ 50\\ A=?\\r=6\%=6/100=0.06$

substitute in the formula above

$A=50(1+0.06*1)$

$A=50(1.06)$

$A=\ 53$

Part 3) How much money will be in the account after one year if the initial amount is $200

in this problem we have

$t=1\ year\\ P=\ 200\\ A=?\\r=6\%=6/100=0.06$

substitute in the formula above

$A=200(1+0.06*1)$

$A=200(1.06)$

$A=\ 212$

Part 4) How much money will be in the account after one year if the initial amount is $125

in this problem we have

$t=1\ year\\ P=\ 125\\ A=?\\r=6\%=6/100=0.06$

substitute in the formula above

$A=125(1+0.06*1)$

$A=125(1.06)$

$A=\ 132.50$

Part 5) How much money will be in the account after one year if the initial amount is $x

in this problem we have

$t=1\ year\\ P=\ x\\ A=?\\r=6\%=6/100=0.06$

substitute in the formula above

$A=x(1+0.06*1)$

$A=x(1.06)$

$A=\ 1.06x$