Question

If you deposit $300 in an account with a 6% interest rate, how much will be in your account after 1 year?

Answer 1

assuming simple interest rate.

$\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \ 300\\ r=rate\to 6\%\to \frac{6}{100}\dotfill &0.06\\ t=years\dotfill &1 \end{cases} \\\\\\ A=300[1+(0.06)(1)]\implies A=300(1.06)\implies A=318$