Scientific notation is
a times 10^b
where
1≤a<10 and
b is a whole number
1000 times 365=365000=3.65 times 100000=3.65 times 10⁵
The answer is $1,026.
Solving: Use Simple interest formula, I=Prt.
Make the rate into a decimal (1.6% -> 0.016)
plug in the numbers into the formula. 950 x 0.016 x 5 = 76$.
76$ will be our interest, now to find the balance we would have to add the the starting money (950) with our interest (76$), resulting in our answer of $1,026 after 5 years.
Perctange is based on the total number. in this case you don't know it so you cant make such a guess.
